Download Queensland`s construction sector factsheet

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