Construction currently represents the fourth-largest industry in Australia, and plays a pivotal role in determining economic growth. In terms of employment opportunities, the market provides work to 9.1% of the country's total workforce.
Australia's construction industry is currently going through a two year downturn and in July the problems only worsened, with construction activity falling for the 26th straight month. Despite recent interest rate cuts the construction industry remained in the doldrums in July with the ongoing slumps in commercial and housing construction the biggest drags on activity.
Australia's construction market totals approximately $255 billion in 2011-12, down 1% on the previous year due to the deterioration of investment into the housing and institutional building markets. Industry value added (gross product) currently totals $97 billion, contributing approximately 7% of Australia's GDP.
There is currently an estimated 340,000 businesses operating within the Australian construction market, employing in excess of 1,020,000 workers.
Infrastructure construction represented the largest segment within the Australian construction market, recording a share of 42.6%. Furthermore, the sector was the fastest growing in the industry, posting a compound annual growth rate (CAGR) of 13.1% between 2007 and 2011.
Key players within the Australian construction market include; WDS, CBI Constructors, Raptis Group, JJ McDonald & Sons Engineering, who have all been contributing a lot to the Australian Construction industry.
For more information on the Australian construction market, see the latest research: Australian Construction Market Report
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