Australian Construction Industry: Past, Present And Future

The importance of one industry in one country generally is measured by its contribution to the economy of the country, in terms of the contribution to the country GDP or the gross domestic product. The Australian construction industry has significant part in the total Australian GDP. This sector has been growing with constant speed rate over the last two decades. With an income of $100 000 million in 2009 to a total income of around $300 000 million in 2013, the industry sector in Australia has shown significant growth. The Australian construction industry generally is presented with the construction of many residential and commercial buildings. Road infrastructure and the industrial construction also have significant part in the Australian construction industry. For different construction projects various construction equipment and construction machinery was used, from earth moving equipment to construction vehicles and other light equipment. The following text will present how the Australian construction industry had grown over the years.

Past. The Australian construction industry experienced a minor decrease in its overall growth in 2008. This decrease was result of the the global economic crisis. The worlds economic crisis did affect the construction sector, but however it didn't cause huge damages like in the other western countries, especially the USA and the UK. After the economic crisis, the construction sector experienced a decrease in the segment of residential and commercial buildings construction and sales. The increased prices of the construction materials like steel, metal and fuel resulted in increased construction costs and expensive construction equipment. But very shortly after that the construction sector began to show signs of healing.

Present. The Australian government these days spends large amount of money in terms of stimulative packages in order to promote and to support the construction sector. The figures about the construction industry are far better when compared with those from 2008. Various construction equipment and machines are back on the construction sites for the construction of the residential, commercial buildings, highways, regional roads, hospitals and for many other modern construction projects. The market for available construction equipment is also growing with constant speed, becoming in this way one very profitable business. Today, the building materials and construction equipment experience increase in their demand as a result of the developments in the building sector.

Future. Based on what is happening at the moment, the future of the Australian construction industry looks very bright and perspective. The Australian economists are very positive that the growth will continue in the future with more construction projects on the way and more jobs opened for the Australian people. The construction sector will open new jobs and will create more value in terms of increased GPD in the period from 2013- 2017. The Australian government is also working on a project for creating credit options for the construction sector. The future surely looks bright.