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Queensland Government Statisticianʼs Office The Queensland Construction Sector Overview Non-residential building The construction industry is a key driver of the Queensland economy. It employed around 217,000 workers in 2014-15, making it the State’s third largest employer and accounted for 11.1% of the Queensland economy (the largest contribution to total State output). Level Share of QLD total Annual Growth $13.6 Billion 11.1% -12.5% 216,600 9.3% -5.5% 2014-15 Output 1 Employment Non-residential construction work done totaled $6.8 billion in 2014-15. This sector covers a wide range of building types, from small industrial sheds to large office towers. Reflecting the increasingly service-based economy, construction in the retail/ wholesale trade, offices, education and health sectors were the four largest within non-residential building in 2014-15 (Chart 2). 3 Chart 2: Qld non-residential construction , by sector Retail/wholesale5 trade Offices 1. Gross Value Added, CVM, 2013-14 reference year. This measure deducts the cost of intermediate goods and services used in production. This differs from the value of work done referred to below, which largely reflects market prices of the finished product. Sources: ABS 5220.0 and 6291.0.55.003. Education Health Factories/warehouses Using ABS data, there are three broad classes of construction: Engineering construction (e.g., mines, ports, roads, bridges, rail and other infrastructure). Non-residential building (e.g., shops, offices, factories, schools, hospitals, churches and theatres). Residential building (also known as dwelling investment, e.g., new houses, units, apartments and renovations). • • • The relative shares of the three main categories of construction in Queensland have changed substantially over time, driven mainly by resources sector investment. Chart 1 shows the coal and LNG booms have seen engineering construction in Queensland rise to unprecedented levels over the past decade. 2 Chart 1: Real construction work done , Queensland Non)residential 45 Residential 40 Engineering LNG projects 2014A15 Aged5care 2013A14 Entertainment/recreation 0 400 800 1200 1600 2000 3. Nominal, $million. Source: ABS 8752.0. Major non-residential projects that have recently been completed, or are nearing completion, include: • Retail redevelopments at Pacific Fair, Indooroopilly, Hervey Bay, Sunshine Plaza and Garden City. • New hospitals at the Gold Coast, Sunshine Coast, South Brisbane and Mackay, and redevelopments in Mt Isa, Cairns and Townsville. • Offices at 180 Brisbane, 480 Queens Street and 1 William Street. Residential construction work done totalled $10.9 billion in 2014-15. Over this period, 21,102 new detached houses were completed, along with 16,109 “other” dwellings (apartments, townhouses, etc.). Dwelling investment is particularly sensitive to changes in interest rates (given building a new home is the largest purchasing decision most households make, highlighted in Chart 3). Coal mining boom 25 20 15 10 5 0 Other,5nec Other5industrial Residential building 35 30 Other5commercial 4 1989)90 1994)95 1999)00 2004)05 2009)10 Chart 3: Dwelling investment and interest rates , Queensland 2014)15 2. CVM, $Billion, 2013-14 reference year. Sources: ABS 8752.0 and 8762.0. Dwelling1investment1(lhs) 40 Engineering construction Engineering construction work done totalled $28.1 billion in 2014-15. While historically driven by public infrastructure spending, this sector has been transformed by both the surge in resources investment and private investment in transport infrastructure – such as the Clem 7 and AirportlinkM7 tunnels. Engineering construction is also a key driver of activity and employment in regional economies. While demand for housing and non-residential buildings tends to be driven by population (and therefore concentrated in the more populous south-east corner and coastal centres), mines, ports, rail and roads are by nature more dispersed across the state. Contact: [email protected] (3035 3686). Data are current as at January 2016. www.treasury.qld.gov.au Introduction1of1GST Mortgage1rates1(rhs) Global Financial1Crisis !4 30 !3 20 !2 10 !1 0 0 !10 1 !20 2 !30 1989!90 1994!95 1999!00 2004!05 4. Standard variable mortgage rates, inverted scale, lagged 1 year. Sources: ABS 5206.0 and Reserve Bank of Australia. http://creativecommons.org/licenses/by/3.0/au © The State of Queensland Queensland Treasury 2016 2009!10 3 2014!15