DUBLIN, December 08, 2021--(BUSINESS WIRE)--The "Construction in New Zealand - Key Trends and Opportunities to 2025 (H2 2021)" report has been added to ResearchAndMarkets.com's offering.
New Zealand's construction industry growth has been revised upwards in 2021, with the industry now forecast to record growth of 12.2%, following a contraction of 5.6% in 2020.
The upward revision from the earlier forecast of 7.8% in 2021 is due to the country's success in containing the spread of COVID-19, the reopening of its domestic economy and the resumption of all delayed construction works. According to Statistics New Zealand, the construction industry's value add rose by 25.9% in the first six months of 2021.
In order to bolster economic growth and support the construction industry during the early stages of the pandemic, the government announced plans to fund large shovel-ready infrastructure projects. Accordingly, in early April 2020, the government formed the Infrastructure Industry Reference Group (IRG) to seek out infrastructure projects that were ready to begin as soon as activity in the construction industry was permitted to resume. According to the IRG's Q2 2021 report, the IRG received submissions of 1,900 projects with an estimated expenditure of NZD136 billion (US$79.3 billion) and shortlisted 246 projects for funding; the shortlisted projects were provided funding of NZD2.6 billion (US$1.5 billion), with the total value of projects being NZD4.7 (US$2.7 billion).
The industry is expected to register an average annual growth of 3.6% between 2022-2025, supported by investment in infrastructure, the institutional sector and renewable energy projects.
In May 2021, Finance Minister Grant Robertson announced the Wellbeing Budget 2021, which includes NZD57.3 billion (US$41.2 billion) in infrastructure spending between 2021 and 2025. Of the total, the NZ Transport Agency will spend NZD13.9 billion (US$10 billion) on public transport and roads. Moreover, the government allocated a total of NZD4.7 billion (US$3.4 billion) for healthcare and a capital investment of NZD746.8 million (US$537.2 million) over four years for education.
Construction industry growth will also be supported by New Zealand's affordable housing development plans, coupled with Green Investment Finance to achieve New Zealand's 2035 target of 100% renewable electricity consumption.
The report provides detailed market analysis, information, and insights into New Zealand's construction industry, including -
New Zealand's construction industry's growth prospects by market, project type and construction activity
Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in New Zealand's construction industry
Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in New Zealand. It provides -
Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in New Zealand, featuring details of key growth drivers.
Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
Listings of major projects, in addition to details of leading contractors and consultants
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3.1 Economic Performance
3.2 Political Environment and Policy
3.4 COVID-19 Status
3.5 Risk Profile
4 Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
5 Key Industry Participants
6 Construction Market Data
For more information about this report visit https://www.researchandmarkets.com/r/1zde1t
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View source version on businesswire.com: https://www.businesswire.com/news/home/20211208005436/en/
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