Construction Trends Northern Territory
Northern Territory has experienced the largest comeback after 2008’s severe credit crunch. In fact, it is the best-performing Australian state in the construction industry. Current statistics come as a welcome relief to the state, which struggled terribly in the years following 2008: 2011 was a particularly bad year.
NT has become a vital state for construction, industry, power supply and trade. It’s considered the Australian gateway to Asia, and is indeed a crucial checkpoint for important liaisons with some of the biggest power-players on the Asian continent, namely China. Opportunities in the state – especially in Darwin – are numerous. A growing population has fuelled the demand for top quality housing. The lure of business with Asia has boosted the commercial and institutional sectors in the city.
Top Darwin and NT Projects
Darwin and NT have hosted some of the largest and most ambitious construction projects in Australia. They have employed thousands of tradespeople and labourers, and have propelled NT into the construction and development stratosphere. Let’s take a look at some of the state’s most lucrative endeavours.
The Waterfront and Convention Centre has become an iconic landmark in the city, and is to Darwin what the Opera House is to Sydney. It’s sleek, futuristic aesthetic compliments Darwin’s tropical harbour and is a testament to an innovative and rich NT commercial construction industry. It employed 1.1 billion people when it was built.
Other endeavours include a 108 million dollar Chinatown redevelopment, numerous sky scrapers of luxury apartments and new suburbs around the Darwin area. Palmerston is a planned satellite city of Darwin. It is proposed to be built within easy access of the Darwin Harbour. It is currently the fastest-growing city in Australia. Here, the residential, light industrial, recreational and commercial construction industries are booming. It also is in the process of developing an intricate transport system, which is contributing to impressive increases in civic construction productivity.
The Desert Knowledge Precinct is an example of successful NT institutional construction. This centre, located in Alice Springs, creates sustainable development programs for desert-dwelling communities. It is a 73 hectare site, and consists of large training facilities and conference halls.
The Raw Materials Boom
NT’s thriving construction industry is not only fuelled by trade. It has also been helped along by improvements in other industries – namely in the procurement of gas and oil. These raw materials – vital to any successful construction project – have attracted plenty investors (foreign and local). Most significant is the INPEX gas project, a 23 billion US dollar endeavour that has been used to power a variety of industries in the state. The Darwin LNG Plant has also boosted industrial construction. It’s an ambitious energy-extraction project that connects Darwin to Bayu Undan gas fields in the Timor Sea.
Retail in NT is also flourishing. It has been facilitated by skyrocketing productivity in the export market. 8.7% of NT’s merchandise has been used for export, providing plenty of business for retails and other large/small businesses. In fact, NT has experienced an 11% increase in sales, way above the national average. Exports in Darwin are up by 450 million dollars.
From the looks of things, Northern Territory is the place to be if you’re looking to strike gold in the construction industry. Browse the web to stay abreast of all the latest NT construction developments.