The construction sector is forecast to grow at a higher rate through 2010 and 2011 with infrastructure and resource related construction underpinning growth, according to the latest Australian Industry Group/Australian Constructors Association Construction Outlook survey.
Total turnover from construction work will lift by 4.1 per cent (current dollars) this calendar year (following growth of 2.7 per cent in 2009), and 7.4 per cent in 2011, the report showed.
The survey of Australia's leading construction companies predicts that engineering construction will lead the way, with growth of 6.5 per cent forecast in 2010 and 8.9 per cent next year.
“Overall, the survey is good news for the Australian construction industry although the availability of finance continues to drag on private sector building,” said Australian Industry Group chief executive, Heather Ridout.
“A continued strong commitment to infrastructure by state governments - particularly road, rail and water - has provided a stable base for industry recovery as the resources sector regains momentum.
"The survey suggests the recovery in the construction sector will gradually gather the momentum lost during the Global Financial Crisis with a return to strong growth during 2012.
“As the construction sector returns to pre-crisis levels of growth, the demand for skilled labour will grow further and it is vital that we act now to ensure we are well equipped to meet this higher demand.”
Source: www.manmonthly.com.au/news