Apartment building slowing
Residential building work done for non-houses dropped by some 25 per cent in Queensland in 2017.
And this construction trend will continue in 2018 as the sector continues to rebalance towards equilibrium.
Not quite so many cranes expected in 2018 then, at least in the residential sector!
Not quite so many cranes expected in 2018 then, at least in the residential sector!
As construction slows Brisbane's apartments are gradually filling up, as I looked at in a bit more detail here, but it's taking time for the stock to be absorbed.
The figures for engineering construction have been all over the show across recent quarters with some wild spikes in Western Australia due to the import of LNG platforms.
The figures for engineering construction have been all over the show across recent quarters with some wild spikes in Western Australia due to the import of LNG platforms.
Looking at the smoother trend figures brings positive news.
Post-mining boom engineering construction is no longer dragging back the economies of Western Australia and Queensland, paving the way for an economic recovery for the resources states.
Good to see.
At the national level residential building work done fell by about 5 per cent in 2017 as supply and demand look to swing back into balance.
However, this was more than offset by the rebound in engineering construction and a range of infrastructure & other non-residential projects
Overall, total construction work increased by a just under 5 per cent to sit at more than $50 billion last year.
