The latest National Construction Pipeline Report was released today. Over and above previous forecasts, some key takeaways from the latest iteration include:
Total construction value was $31 billion in 2015 (+4%) and is expected to grow another 20% to a peak of $37 billion towards the end of next year. The annual value of all construction is forecast to remain above current levels until 2021, with a longer and later peak than previously forecast (see graph above).
Residential construction value (chart below) was +6% in 2015 and is expected to increase by another 22% to a peak of $21 billion in 2017, after which activity will reduce slightly over 2017-2021.
In terms of residential volumes (bottom chart), multi-unit dwelling consents reached 30% of the total last year and are projected to increase to 40% by 2021. Total annual residential consents will not surpass 2004's peak of 31,000 units, says the report.
The National Construction Pipeline Report holds far more detail about the breakdown of likely construction activity than is possible to reproduce here but you can get a PDF copy of the report here.