Still room for Australian construction expansion, financial snapshot shows

Many economists have worried that Australia's waning mining boom could have a disastrous effect on the country's construction sector.

This would be bad news for tradies and private contractors nationwide, as demand for new projects would fall considerably. However, the latest financial report from large property and infrastructure company Lend Lease suggests these worries may be overblown.

The global company recently announced that its net profit increased 10 per cent in fiscal 2013. With $37 billion in new projects slated to soon begin, the firm stated some of the highest activity will be in Australia.

"Domestically, highlights included progress on the Barangaroo South project and major wins in new urban regeneration projects such as the $2.5 billion Sydney International Convention, Exhibition and Entertainment Precinct," said Steve McCann, chief executive of Lend Lease.

McCann added that although there will certainly be a few hurdles to jump, the next three years should see a gradually improving construction sector.

This will also have an effect on the demand for hired construction equipment, ranging from air compressors and generators to heavy skid steer loaders and other earthmoving equipment.