Building Forecasts > Report
With projects either unable to proceed or too risky to progress in a lockdown, commencements in Q2 and Q3 2020 will be significantly lower. Total building commencements are now expected to slump 26% y/y to a trough of $80.94 billion in CY2020. This is a record pace of decline that sees activity fall to its lowest level since 2005. In financial year terms, the COVID-19 shock is evened out a little, with activity down 16% in FY2020, followed by a flat result for FY2021. A further leg down will play out in the residential sector, just as it was looking to turn the corner. Commercial & industrial building is expected to see a decline comparable to the GFC in speed and magnitude.
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