Commercial construction industry to experience growth with increased government funding
TPM Builders/blog/Commercial construction industry to experience growth with increased government funding
The commercial building sector is celebrating news that suggests it will experience positive growth in 2017/18, following what were decidedly slow 2015/16 and 2016/17 construction periods. Much of this will be as a result of the Turnbull Government making some big decisions on transport, which will open up increased opportunities across the country.
The 2016 Budget promises an increased investment into railway and road projects, particularly along the eastern seaboard. $5 billion has been promised towards major public transport projects. Half of this will be split between Melbourne and Sydney Metro railway projects, while a further $200 million will help upgrade the Ipswitch Motorway in Brisbane’s west.
Queensland will benefit with $27.8 million to renew their bridge infrastructure, $23.1 million in black spot funding to increase road safety and a $594 million for land acquisition and pre-construction works for an inland freight fail corridor.
The Badgerys Creek Airport in Sydney’s outer west was also featured in the budget, with $115 million dedicated to spending the next two years on preparation works for the airport, which is projected to be fully operational by 2025. $26 million will be spent designing a railway to the airport, however the link between the public stations and the airport station will likely end up privatised in the same manner as the current Sydney airport link.
New South Wales has also received $5.6 billion to duplicate the rest of the Pacific Highway, $2.9 billion for road works around Badgerys Creek and $2.1 billion to support the Parramatta Light Rail to name just a few – providing lots of opportunities for commercial developers in NSW.
Overall, however, industry experts that the construction industry is slowing down, and current industry trends suggest that the residential sector will see a downturn as a result of this.
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