Australian Contractors Likely Anticipating New Projects — Market Talk
Sep 19, 202309:59 GMT+8
NNWH+1.15%MND0
Analysis of Australian job ads suggests that project award momentum at engineering contractors Monadelphous and NRW is accelerating in the background, according to Citi analysts. They tell clients in a note that August job postings across Australia's west and its east coast were up 15% on-year, touching their second highest level so far in 2023. There has been a sequential improvement in volumes since June, which the Citi team sees imply a healthy pipeline of opportunities to be awarded over the near-term. Contractors' primary growth headwind remains labor capacity, they add. ([email protected])
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