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Deloitte says Tasmanian construction investment looking strong

 


news, local-news, Tasmania, economy, building, construction, investment, Deloitte Access Economics, Investment Monitor

Tasmania’s booming construction sector looks set for more success, with $7.88 billion worth of big projects being constructed or planned. The project value increased by 2.1 per cent in the December quarter and was a thumping 43.6 per cent more than the estimate a year earlier, according to Deloitte Access Economics’ latest  Investment Monitor report. The figures cover engineering construction and non-residential building and equipment investment projects costing $20 million or more. The report said Tasmania had $1.7 billion worth of engineering construction projects under way and a further $1.3 billion worth in planning stages. It said there were $1.7 billion worth of commercial construction projects under way and $3 billion worth in planning stages. The report said engineering construction activity in Tasmania had accelerated in the last two years. “In fact, the value of work commenced has lifted over the past year across all the major sectors except telecommunications,” it said. “And this is set to continue, with the value of work yet to be done increasing by one third in the latest data. “The gains have been particularly large in the road and electricity sectors. “In terms of project activity, the pipeline was boosted in recent months after plans for the $100 million Rogetta iron ore mine south of Burnie received environmental approval.” The report said the value of work done in Tasmania’s commercial construction sector increased in the past year, reversing falls which took place in early 2018. “The value of building approvals continues to grow at a rapid rate, with notable gains in the retail, offices, aged care, health and accommodation sectors,” it said. “Revised plans have been submitted for the proposed new hotel at Hobart’s Museum of Old and New Art. “The $400 million development will include a 172-room, five-star hotel, with construction slated for completion in 2024.” Nationally, the report predicted slower growth, although several factors supported the view business investment might increase more sharply than currently forecast. .

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