While in Melbourne recently for DesignBuild, I attended the latest Australian Construction Industry Forum (ACIF) Forecast breakfast. The Forecasts cover residential, non-residential and engineering construction and show the prospects for construction for 20 sub-sectors within these three main categories. There are also state, capital city and rest of state break-downs as well as projections for the next 10 years plus a retrospective view. Of note at the event were points of discussion on:
– Building and construction is at the forefront of change and transition in the Australian economy
– Interest rates are likely to hold until at least 2019
– The services sector – eg: health, education and accommodation are continuing to grow.
– The accommodation side saw a real boost in the construction of hotel rooms in the lead up to this year’s Commonwealth Games
– A significant amount of money is forecast to be spent on road construction/upgrades in the next five years
– Transport and infrastructure projects are on the rise
– We are seeing a significant number of foreign investors coming in with increased activity around retail trade.
With such a good vibe in the room from the South Australian Professional Excellence in Building Awards nearly three weeks ago, I am happy to mention that Queensland’s Professional Excellence in Building Awards last Friday 18 May was a great success as well. Photos from the night can be found here. Just for interest, we have spiced up the evenings with a number of new inclusions and hope that you notice the difference.
A reminder that tickets for the remaining Awards functions are available directly for purchase from our website.
Have a great weekend ahead everyone.