Sydney Construction Sector: Navigating the Ups and Downs Latest Data Reveals
The latest release from the Australian Bureau of Statistics presents a mixed picture for the construction industry in the September quarter of 2023. Here's a closer look at the key trends and figures shaping the sector:
Dwelling Commencements
The total number of dwelling units commenced fell significantly by 10.4% to 37,116 dwellings, with both private sector houses and other residential commencements experiencing declines. Private sector house commencements dropped by 9.7% to 22,741 dwellings, while other residential commencements fell by 11.2% to 13,485 dwellings. This downturn reflects a challenging environment for new projects in the residential sector.
Dwellings Under Construction
The number of dwellings under construction also saw a decrease, falling by 3.1% to 231,387 dwellings in the quarter. This reduction highlights the ongoing challenges faced by the industry in maintaining construction momentum.
Dwelling Completions
On a brighter note, the total number of dwelling units completed rose by 8.2% to 44,093 dwellings. This increase was driven by a significant rise in private sector other residential buildings, which surged by 19.5% to 15,156 dwellings. New private sector house completions also saw a modest increase of 3.7% to 27,980 dwellings.
Value of Work Done
The value of total building work done experienced a slight decline of 0.1% to $34.3 billion. This decrease was primarily due to a 2.4% drop in non-residential building work, which fell to $13.6 billion. However, new residential building work rose by 1.0% to $17.7 billion, and work on alterations and additions to residential buildings increased by 4.2% to $3.0 billion.
The above Data is obtained from the the Australian Bureau of Statistics as of September 2023
As of February 2024, it appears that the construction industry continues to navigate a complex landscape marked by fluctuations in project commencements and varied performance across different sectors. Despite these challenges, the growth observed in new residential building work and the completion of private sector other residential buildings offer encouraging signs. Moving forward, industry stakeholders will remain vigilant, closely monitoring these trends to assess the overall health and trajectory of the construction sector in Sydney and throughout Australia.
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