Australia’s construction sector delivers record-breaking recent performance for new projects.
2,292 new construction projects were added to the pipeline of pending projects in October 2018; 19% higher than September 2018. Western Australia accounted for $17.5bn of the new project pipeline with plans to build a hybrid power plant in East Pilbara with initial project applications totalling an estimated cost of $10bn, the main contributor. CoreLogic Commercial Research Analyst James Shang comments: “The strength and growth in Australia’s construction sector is clear, with October 2018 recording the highest number of new construction projects on a monthly basis since July 2014, and the total estimated value of new projects in the pipeline ($29bn) being almost double the 3 year median.”
In terms of who/what is driving the record-breaking new project results, it’s a mix of private investment and government funding. Read more in attached release and report.