Boston, MA -- (SBWIRE) -- 12/23/2013 -- We have revised down our full-year Australian construction growth forecast for 2013 to 2.2% (previously 2.6%) as construction data in H113 has disappointed. However, we still believe that construction activity could improve from levels seen in 2012, but over a longer timeframe. As such, we have maintained our 2014 construction growth forecast at 3.3%. This is because of conducive monetary conditions for construction, a sustained recovery in homebuilding activity, as well as the potential for greater fixed investment from the private and public sectors.

Key developments in the sector:

- In October 2013, Leighton Contractors won a AUD370mn contract to construct a new terminal and an integrated transport facility as part of a capacity upgrade for Melbourne Airport. Terminal 4 will include baggage handling and re-claim facilities, check-in kiosks and a number of retail areas. The project will also involve the construction of a complementary transport facility which will include a seven-storey car park. Work is scheduled to commence with immediate effect with an expected completion date of 2015. The new Terminal 4 will be delivered by the firm in a joint venture with its subsidiary Broad Construction.
- In October 2013, McConnell Dowell won an Engineering, Procurement and Construction (EPC) contract worth AUD455mn (US$429.55mn) from Samsung C&T for the design and construction of the Port Marine Works in Port Hedland, western Australia. The scope of work under the project includes all the structural, mechanical, piping, electrical & instrumentation works as well as a drive station, an abutment, three transfer stations and a two berth iron ore load out wharf joined with an about 3,600m long elevated overland conveyor lading to the ore stockyard. The project, scheduled to begin in late 2013, is likely to be completed in mid-2015.
- In October 2013, the government of Victoria shortlisted three consortiums, namely East West Connect, Inner Link Group and Momentum Infrastructure, for delivering the AUD7bn (US$6.6bn) Stage 1 of the East West Link. The consortiums were selected after considering their expressions of interest for the project. The project that includes an 18km-long cross city connection north of the Melbourne central business district in Australia, will be delivered as an availability private public partnership with the state retaining tolling and traffic risk in the beginning. The capital cost of the East West Link Stage 1 is estimated to be between AUD6bn (US$5.65bn) and AUD8bn (US$7.54bn). Project construction will start in late 2014 and is expected to be completed in 2019-2020.

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