A construction nation coming: Turner & Townsend
Local and global market conditions are helping Australia become a favourable construction nation, according to Turner & Townsend’s International Construction Market Survey 2015.
Sydney is now positioned at number 10 with New York City taking the first spot for the most expensive place to undertake construction activities in the 35 markets surveyed.
The 2015 survey also ranked Perth at 16, Melbourne at 19 and Brisbane took the 20th spot.
The International Construction Market Survey 2015 analyses input costs – such as labour and materials – and charts the average construction cost per m2 for both commercial and residential projects in 35 markets around the world.
“The tide is now starting to turn in Australia’s favour with many factors influencing this change," Gary Emmett, the senior economist for Turner & Townsend said.
"These include a falling Australian dollar, a low interest rate environment which makes finance relatively cheap and stable construction costs.
"The winding down of construction within the mining sector is freeing up resources for other sectors including infrastructure, tourism, education and agriculture."
