Project Managers, Structures and Commercial Contract Administrators & Housing Industry Association (HIA) - Marketing Assignment Help

Assignment Task

The Market

Market characteristics & conditions

The construction industry had been facing a stagnant phase in recent times, however, experts predict a turnaround, providing real opportunities in the sector. Although much of the construction industry is expected to see real growth in the coming 12 months, it is the residential building sector that should experience the most growth.

The Housing Industry Association (HIA) recently released the summer 2015 edition of its National Outlook and announced that this year would see a new record of homes commenced. 

According to the statistics, a record 195,936 new dwelling commencements were forecast in 2014/15 - a 7.7 per cent growth on the previous year. It is also important to note that this represents the third year in a row where residential construction has improved. This is a vital part of the overall Australian economy. 

Although a number of states are set for an increase, the Sunshine State is set to experience the most growth. The Queensland Government is providing support by offering first home buyer/builder grants as well as easier procedures for development application approvals.

If you were to compare all the major Australian industries - construction, manufacturing, engineering and mining - construction is the only one that is expected to see real growth in the coming years.

Globally it is expected that the construction industry will grow from $7.2 trillion to over $12 trillion. 

The global construction industry has a number of challenges and opportunities according to a recent report by Global Construction Perspectives and Oxford Economics. A number of factors are expected to affect outcomes:

• Countries’ decisions with respect to carbon reduction, climate change, waste disposal, clean technology and renewables?
• Emerging economies in general are expecting large population increases in the coming decade creating demand for construction activity whereas population growth in developed countries will be flat.
• The key area of construction growth in emerging countries will be infrastructure: transport, energy, social infrastructure, schools, hospitals, government accommodation, water, defence infrastructure and natural resources. These projects are expected to increase by 130% in developing countries by 2020 but by only 20% in developed countries.
• Eastern Europe and Russia are expected to expand construction by 100% primarily led by Poland and Russia by 2020.
• China is expected to become the world’s leading construction market by 2018 with a construction output of $2.5 trillion.
• In the future, trends in technology, particularly information technology (IT), may be the greatest driver of change in the building and construction industry. Electronic tendering and documentation, data communication, virtual design, shared project data and databases, construction automation, and energy management will have a significant impact on industry practices. Those parties that are slow to react to these trends will have difficulty in remaining competitive.
• Project Managers, Structures Forepersons and Commercial Contract Administrators will be at the top of any wish list for construction businesses this year.

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