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By Procore Editorial staff
February 11, 2019
Across the board, economists are predicting a downturn in the market. Yet many still remain positive for 2019. Hans Kunnen, Principal & Chief Economist at Compass Economics shared his forecast for the Construction Industry heading into the new year.
“There are some real positives for the construction industry in 2019. Interest rates should remain low, the population continues to grow and governments are spending on infrastructure. Is it all upside? No. Residential building approvals are in decline.
Banks are tightening their lending conditions, investors are being
scared off by lower house prices and Chinese demand is falling due
to restrictions on capital flowing out of China.”
“Despite softness in the residential construction sector, activity will remain at historically high levels. The slack from residential construction should be taken up by government spending on social infrastructures such as schools, hospitals and correctional facilities. “The expansion of transport infrastructure will see spin-offs in commercial construction including shops, offices and warehousing,” said Kunnan.
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This is Australia’s 28th consecutive year of economic growth. The International Monetary Fund (IMF) predicts that between 2019 and 2023 our economy will outperform every other major advanced economy. This impressive growth record is supported by Australia’s strategic location within the dynamic Asian region, strong economic fundamentals and a portfolio of globally significant industries that represent future high growth opportunities.
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