Australia's residential building bonanza is far from a secret at this point, but recent data indicates architectural products will be needed for growth in the non-residential sector, as well.
BIS Shrapnel's Building in Australia 2014-2029 report states that on the heels of an estimated 5 per cent growth in non-residential building commencements during 2013/14, the market is set to see more activity, with growth expected to reach another 5 per cent in volume terms through to 2014/15.
Commercial and industrial building
Commercial and industrial building is set to see 11 per cent growth for 2014/15, making it the clear leader of the non-residential sector. This is especially true for accommodation and warehouses, meaning builders may find themselves in need of products as varied as curtains and expanded metal.
However, social and institutional building is predicted to fall by 2 per cent. Additionally, growth in this market does have an end date on the horizon.
"Although the private sector is underpinning something of a recovery in profitability and a return to growth in non-residential building, overall growth in the sector is not expected to be sustained beyond June 2015 as the volume of major public sector projects contracts," BIS Shrapnel stated in a July 21 media release.
"Social and institutional building is forecast to weaken as public funding allocations dry up. Consequently, with the 5 per cent improvement in 2014/15, total non-dwelling building is forecast to
peak (this peak will fall short of the recent high in 2009/10) and not surpass this level for the remainder of the next five years."
The organisation went on to state that negative growth will be a trend from 2016 through to 2018. However, there's no denying that the market is seeing strength at the moment, and this is expected to continue for at least one more year.