Dublin, Dec. 31, 2020 (GLOBE NEWSWIRE) -- The "Construction in New Zealand - Key Trends and Opportunities to 2024" report has been added to ResearchAndMarkets.com's offering.
Prior to the COVID-19 crisis, the construction industry in New Zealand had been expanding at a healthy rate, growing by 4.6% in real terms in 2019 - up from 4.1% in 2018 - supported by investment in transport infrastructure and commercial and residential projects. However, the disruption caused by COVID-19 containment measures has ended this expansionary trend.
In late March 2020, the government-imposed stage-4 lockdown restrictions in the country, under which only essential construction works were permitted to progress. The temporary disruptions caused by the lockdown restrictions and social distancing measures have heavily weighed on New Zealand's construction industry, with its value-add plummeting by 28.6% year on year (YoY) in Q2 2020 - sharply down from a decline of 5.2% YoY in the previous quarter.
The publisher expects the construction industry to shrink by 6.2% in real terms this year. However, in order to provide a boost to the economy in general and the construction industry in particular, the government announced plans to fund large shovel-ready infrastructure projects following the withdrawal of the lockdown. Accordingly, in early April, the government announced the formation of the Infrastructure Industry Reference Group (IIRG), comprising a group of industry leaders, and tasked them with identifying public as well as private sector infrastructure projects with a value of NZD10 million (US$5.8 million) or above, which can be started immediately or at the latest within the next six months. As of early July, the IIRG received a total of 1,924 project proposals across 40 sectors, of which the government approved 150 projects worth NZD2.6 billion (US$1.5 billion) in July 2020.
The industry is expected to recover over the remaining part of the forecast period and register an average annual growth of 3.8% between 2021-2024, supported by investments in residential, transport, institutional and renewable energy projects. As part of the COVID-19 Response and Recovery Fund (CRRF), in May 2020, the government allocated NZD3 billion (US$1.7 billion) to fund infrastructure projects across the country. In addition, growth will also be supported by an investment of NZD12 billion (US$7 billion) to build and upgrade road, rail, school, and hospital projects under the New Zealand Upgrade Programme which was launched in December 2019.
This 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 (2015-2019) and forecast (2020-2024) 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
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/k8w7nd
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