Whether you may realise it or not, Construction plays a huge part in the Australian economy and is one of the largest sectors. Here are some construction stats which may shock you
Construction is 8.1% of Australia’s GDP (2015-16)
According to an article by Lendlease, the construction industry in Australia is the largest non-services sector industry and it contributes $134.2 Billion (2015-16) to the economy every year making it one of the largest job creators in the nation.
Only the finance and insurance industry and the mining industry are larger than the construction industry, although some would argue there is a slight crossover between the mining and construction industry as similar machinery is used.
Prefabricated Construction accounts for 3% of all construction work
Prefabricated construction is on the rise in Australia. It now represents 3% of all construction work in the country, meaning that a total of over $2 Billion is being spent on prefabricated construction every year as part of the total $150 Billion industry that is the construction sector in Australia.
Total housing Dwelling Starts Down 21.8% (seasonally adjusted 25.1%) from Mar qtr 18 to Mar qtr 19
According to the ABS, the total of dwelling which began construction to the march 2019 quarter was down to 46,284 which represents a quarterly fall of 7.9% (seasonally adjusted to 5.9%) and a total fall 21.8% (seasonally adjusted 25.1%).
Housing Unit Starts down 36% (seasonally adjusted 41.8%) from Mar qtr 18 to Mar qtr 19
According to the ABS, The total number of non-housing dwellings being constructed (which includes apartments, units & townhouses) was 17,600 in the year to March 2019 quarter where the drop from the March quarter in 2018 to the March quarter in 2019 was a whopping -36%.
Taking the seasonally adjusted data, the total number of other residential dwellings goes down to 17,200 but represents and even larger -41.8%. This has occurred due to a large pullback of apartments being commenced in Sydney, Melbourne, Brisbane & the Gold Coast.
$49.1 Billion worth of building work completed in the June 2019 Quarter
A total of $49.1 Billion worth of construction activity in Australia which includes the Building, residential, non-residential & engineering sectors, as published by the ABS.
This represents a YoY contraction of the building & construction sector by – 9.4%, however, if the data is seasonally adjusted then the drop increases to -11.1%.