The NSW building industry is set to enjoy improved prospects from 2016, according to forecasts revealed by the Australian Construction Industry Forum.
This growth is expected to outpace the other states, making NSW one of the most optimistic in the country.
The ACIF reveal residential building to be a key part of the lift in demand forecast, with strong growth over the medium to long term.
Notable in this uptick is change to the types of housing that the New South Wales market is choosing – a good increase in apartments and townhouses.
Building and construction in non-residential work, including commercial premises, community facilities and more, are also looking positive for the state.
“The ACIF Forecasts point to New South Wales returning to a good rate of work after a number of years of struggle,” says Peter Barda, Executive Director of ACIF.
The chart below shows the relatively strong improvement to come for the New South Wales residential sector. According to the chart, only Queensland shares this rate of growth over the medium term, with other states softening.
