The Construction Industry

2913 Words6 Pages

An Economic Outlook of the Construction Industry in Australia

Name
Institution

Table of Contents
1.0 Contribution of the Construction Industry to the Economy of Australia 3
2.0 Past and Current Condition of the Australian Construction Industry 6
3.0 Forecasts of the Construction Industry 9
3.1 Residential Building 9
3.2 Non-residential Building 10
3.3 Engineering Construction 10
4.0 Conclusion 10
5.0 References 11

1.0 Contribution of the Construction Industry to the Economy of Australia
Every country in the world is largely dependent on the construction industry to assist in complementing in the overall growth of its economy. The construction industry widely covers a wide range of products that it deals with. For example, it involves the wide field of civil engineering, structural engineering and architecture. The construction industry plays an important role in the growth of the Australian economy. The construction industry is usually charged with the obligation of providing homes, places for people to work, and more importantly recreational facilities. It provides important facilities and infrastructure such as hospitals, education premises, roads, water and electricity supply and communication. This industry proves to be of great importance and hence the government should work towards helping this industry achieve growth. Both the public and the private sectors have roles to play to ensure that this is achieved. In addition to this, the construction industry has an important role of linking other parts of the Australian economy such manufacturing, wholesale, finance and insurance industries. This industry should be embraced and held with great honor for ensuring that the growth of this country is achiev...

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...his sector is expected to improve to 5.4% in real terms to $122.1 billion in 2012-13 before reducing to $108.0 billion in the following three years. According to Jones, the predicted growth in building and construction is set in an economy experiencing weak activity outside the mining field, poor sentiment and high levels of the Australian dollar. The unrests in the labor market and the poor fiscal consolidation will affect the growth of this industry.
4.0 Conclusion
Acquiring of D & N Company by the Lake Group will be a great opportunity in ensuring that the company continues to grow. The forecasts of the construction industry look promising and hence acquiring D & N will enable take advantage of this situation. The increasing advantage demand of products resulting from industry will be a great opportunity for the company to continue with its expansion strategy.

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