While Victoria continues to lead the states and territories in economic growth, job creation, and population, the medium-term outlook for building and construction activity is mixed. In the residential building space, it is expected that building activity will lower going forward and forecast to bottom in 2020/21 before it recovers after this.

Engineering construction activity in Victoria is expected to struggle for the next couple of years, along with commercial building activity despite strong growth in recent years. It is forecast that commercial building activity will bottom in 2022/23. However, the strong long-term underlying demand for construction building in Victoria means we will see strong growth after this period.

See the full industry forecast for Victoria here.

See the full industry forecast for Australia here.