A 2017 Economic Forecast released by Consult Australia revealed that Government investment in infrastructure has helped to mitigate against the impact of stalled mining construction.
Figures in the report for engineering, architectural and surveying consultancy firms, showed that while the share of work relating to heavy industry dropped last year below the previous decade’s, average [42.7% to 40.9%] work on roads and highways increased [16.3% to 19.7%] softening the impact.
Consult Australia Chief Executive Megan Motto said continued increases in population, combined with a recognised need to transition from a resource-led to knowledge-based economy, has seen governments invest in ways to efficiently connect people and products to markets through infrastructure.
"This has led to a healthy pipeline of public sector projects which has in turn helped mitigate against the impact of mining construction slowdown and enabled our sector to contribute significantly towards Australia’s continued economic growth," she said.
The forecast produced by Australian Construction Insights covers domestic and international economic conditions, population dynamics, construction sector conditions and consulting industry forecasts up to 2021.
“With historically low bond rates and triple-A credit rating increasing access for governments to finance future projects, confidence is returning and our sector has an optimistic outlook in the short term," Ms Motto said.
The report included the following highlights: