'Growth expected in engineering construction industry'
1/07/2008(4:19 PM)
Master Builders Australia (MBA) is predicting a "sustained growth" in engineering construction in the country.
The regulatory body for Australia's building and construction industry estimates that within five years the value of construction work could "exceed the combined total of residential and commercial building".
Recent figures have shown that the volume of engineering construction work completed in the year to the March quarter rose by 12 per cent year-on-year with a value of $51.6 billion (£24.71 million), compared to $20 billion a year ago.
Peter Jones, MBA's chief economist, said that the body expects the work finished to "exceed $60 billion" in the financial year 2007-08, and that the sector has "doubled its contribution" to the total building and construction market in the last 20 years.
He added: "The outlook should stay bright as state governments up their spending on infrastructure and industry attempts to work through the massive pipeline of resources-related work yet to be done
The Sunshine Coast Daily has reported that 21,400 new homes are needed in the area over the next five years and supply looks set to fall short of demand if the current rate of construction continues.
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