While much of Australia is set to experience a flat to declining non residential building sector, due to its unique set of factors, recent Australian Construction Industry Forum (ACIF) forecasts show that Tasmania is set to see an outlying result in demand for non residential work.
“Demographics play a big part in this,” says Peter Barda, Executive Director for ACIF.
“An ageing Tasmanian population creates an increased need for aged care facilities and health services. While the sharp uptick in demand for these assets will moderate when compared with the past decade, it will remain at relatively high levels.”
The Tasmanian engineering construction sector too has good news from the ACIF Forecasts. Drivers in the local demographic are seeing over time an increase in the level of engineering work that may make inter-state migration an option for some players.
For residential builders though, only a mild recovery is forecast after a period of flat to declining demand.
“The business community including building and construction needs good quality information from which to plan, says Mr Barda. “The ACIF Forecasts has earned its reputation for accuracy over the last ten years due to the combination of high quality data, expert forecasters and the unique benefit of the oversight by economic leaders that form the Construction Forecasting Council that oversees the Forecasts.”