Construction sector witnesses higher employment. Does it bode well for Johns Lyng Group?

Mon 26 Jun 23, 09:33 AM | Team Kalkine

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Highlights

Capital expenditure on buildings and structures in 2023-24 is estimated to hit AUD 88 billion, an upward revision of 6.4% from the previous estimate

Australian Government in its federal budget 2023-24 provided AUD 200 million funding for the Thriving Suburbs Program dedicated towards the investment in community infrastructure

Johns Lyng Group Limited (ASX: JLG), an ASX-listed integrated building services company, could also benefit from a recovery in the construction space.

As per the data published by ABS on 22 June 2023, employment in the construction sector witnessed an 11% increase year-on-year to 1,322k for the three months ended May 2023. Meanwhile, capital expenditure on buildings and structures in 2023-24 is estimated to hit AUD 88 billion, an upward revision of 6.4% from the previous estimate.

It is Worth mentioning that the Australian Government in its federal budget 2023-24 provided AUD 200 million in funding for the Thriving Suburbs Program dedicated to the investment in community infrastructure. The total value of engineering work done increased by 5.3% QoQ and 14.9% in March 2023 quarter, supporting a recovery in the infrastructure space.

Also, in the March quarter, the total number of residential dwellings advanced by 52k units to 11.02 million and the average price of residential houses edged up by AUD 8.5k and stood at AUD 896k. These factors bode well for companies in the construction space.

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