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Victorian construction boom grows in value

Drilling has begun at Box Hill, Melbourne, as part of the next stage of the Suburban Rail Loop.

The value of Victorian infrastructure projects has grown by $18 billion or 20.5 per cent over the past year, according to a new report.

Deloitte Access Economics’s (DAE) latest quarterly Investment Monitor report has found Victoria has had the highest growth of the mainland states in the year to March.

100 projects were underway at the end of the March quarter, with DAE estimating all of the projects worth at a total $42.7 billion.

The total value of projects planned and underway in Victoria has now reached $105.6 billion, up by $2.1 billion in the March quarter.

Victoria’s boom comes despite the value of national investment projects declining by $62.4 billion over the last year.

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The Victorian Government has more than doubled infrastructure investment to an average of $10.6 billion annually over the four years to 2021-22 compared to the long-run average.

There is also $37.9 billion worth of private sector projects currently planned or underway across Victoria, according to DAE’s report.

Victorian Treasurer Tim Pallas said the Victorian Government was investing into the future of the state.

“Right across Victoria, we’re delivering projects that are adding value to the state economy, local economies and Victorian lives,” he said.

“Our unprecedented pipeline of major infrastructure projects means a booming construction industry and tens of thousands of jobs – all working on building a better Victoria for us all.”

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