Much of the future construction growth in Australia will be enhanced by the improving economy and increased government spending on public facilities and infrastructure projects. Among the developed OECD countries, Australia has struggled the most from discounted minerals and commodities prices. Australia has avoided an economic slowdown thanks in some part to decent growth in the private housing and commercial construction sector. Skilled labor availability has picked up substantially, salaries and hourly wage rates are forecast to remain stable or moderate slightly for the 1st half of 2018. Unemployment in the construction sector is expected to increase marginally in the 1st half of 2018. Low commodity mineral prices will continue to stymie the Australian economy and construction sector. Australian construction inflation is forecast to be in the 1.6% to 2.1% range for the 1st half of 2018. Australia is seeing start of a number of major highway, railroad, airports, port expansions and other infrastructure related projects going to the field in 2018 and beyond.
Australia’s GDP is forecast to grow in the 2.5% to 2.9% range in the 2nd half of 2018. Unemployment in 2018 is forecast to be in the 5.4% to 5.8% range. It appears that the majority of the “mega” LNG projects are just about completed (Wheatstone, Pluto, Browse etc.), these projects employed tens of thousands of construction related workers. However, with Oil & Gas prices increasing in the last six months there have been some major Oil & Gas CAPEX projects given the “green light” to proceed. New Zealand construction inflation is forecast to be in the 1.3% to 1.9% range for the 1st half of 2018. New Zealand’s GDP is forecast to grow in the 1.2% to 1.6% range in the 2nd half of 2018. New Zealand unemployment in the 2nd half of 2018 is forecast to be in the 4.9% to 5.4% range.
View Details of our 2018 Global Construction Costs Yearbook
This publication includes Cost Data for 101 Countries. Data Covered in this publications includes: • Labor Rates • Material Costs • Construction Practices • Square Feet/Meter Unit Costs • Engineering/Architectural Rates • Import Duties • Location Factors • Transport Costs • Exchange Rates • Local Taxes ... and much more!