Increase in engineering construction
There was a 3.3 per cent increase in the volume of engineering construction work done during the September 2024 quarter, according to new data from the Australian Bureau of Statistics.
This was predominately driven by a strong 5.5 per cent expansion in public sector projects.
However, private sector engineering construction work saw a more modest increase of 1.4 per cent during the quarter.
Now one of the economy’s strongest performers
Shane Garrett, Chief Economist at Master Builders Australia said, “Engineering construction is now one of the economy’s strongest performers, and is keeping economic growth above the waterline.”
“The contribution of public infrastructure work is crucial: activity here is +13.4 per cent higher than a year earlier.
“Boosting our stock of infrastructure like this means that our economy will have more room to growth over the long term and reduces inflationary pressures re-emerging in the future,” Mr Garrett said.
Engineering construction is now one of the economy’s strongest performers, and is keeping economic growth above the waterline
Strong building and construction industry, strong economy
Denita Wawn, CEO of Master Builders Australia said, “When the building and construction industry is strong, so too is the economy. For every $1 million invested into the industry, $3 million is returned to the economy.
“Investment in engineering construction like roads, rail and other critical infrastructure, plays a crucial role in addressing the housing crisis.
“Private sector demand has been lacking in momentum for some time and the upcoming federal budget needs to address this,” Ms Wawn concluded.
