Forecast: Construction Value Added in Australia

From 2013 to 2023, the construction value added in Australia fluctuated, initially decreasing sharply in the years 2014 and 2015 before beginning a steady upward trend from 2016 onward. By 2023, the value was at 123.62 billion USD. The year-on-year variation showed a steady increase over the last two years, with 1.89% in 2022 and 1.82% in 2023. The compound annual growth rate (CAGR) over the last five years (2018-2023) stands at 1.97%, indicating a moderate and consistent growth rate in the construction sector during this period.

Looking forward to future trends:

• The construction sector is forecasted to continue its moderate growth with a 5-year forecasted CAGR of 1.27% from 2024 to 2028.
• The absolute value is projected to reach 133.99 billion USD by 2028, demonstrating a 6.53% overall growth from 2023.
• Attention should be given to potential impacts from economic policies, infrastructure investments, and global market conditions, which could influence future growth trajectories.