Australia's commercial construction sector is to exit the post-crisis slump this financial year, economic forecaster BIS Shrapnel has claimed.
It said that the value of work in this sector will increase by 13.5 per cent to $14 billion (£8.6 billion), the Australian newspaper reports.
BIS Shrapnel said that commercial construction has increased slightly recently, but it is still substantially below the $23 billion recorded during the market peak in 2007-08.
Urban Taskforce's chief executive, Aaron Gadiel, told the news provider that the current focus is on the retail sector.
"We have seen the likes of Woolworths looking to roll out its new hardware chain. The rollout will involve significant development across several states," he said.
Earlier this month, smartcompany.com.au commented on a new report by international property advisors DTZ, which revealed that commercial property in Australia is heating up, with retail property on the Gold Coast doing particularly well.
Posted by Ravin Chatlani
