Forecast: Construction Output in Australia

From 2013 to 2023, the construction output in Australia experienced several fluctuations, starting at 38.88 billion AUD in 2013 and reaching 39.49 billion AUD by 2023. The annual variations painted a mixed picture, with some years experiencing growth while others faced declines. The largest decline was seen in 2020 with a 5.73% reduction compared to the previous year, influenced by the pandemic. However, more recent years, particularly 2022 and 2023, showed a modest recovery with year-on-year increases of 2.6% and 1.05%, respectively. The Compound Annual Growth Rate (CAGR) over the last five years has been relatively low at 0.1%, indicating a slower rate of growth.

Future trends to watch for:

• Predicted steady growth: Forecast data indicates an upward trajectory, with the construction output projected to reach 41.5 billion AUD by 2028, reflecting a forecasted CAGR of 0.79% over the next five years.

• Industry innovations: Adoption of new technologies and sustainable practices could impact growth rates and output volumes in the near future.

• Government policies: Infrastructure investments and housing initiatives might further stimulate growth, impacting annual variations positively.