The Australian construction and mining equipment market grew by 16% in 2007 according to figures released by the Construction and Mining Equipment Industry Group (CMEIG) and ERG International.
This rise follows earlier rises of 10% in 2006 and 8% in 2005.
All product markets increased sales volume with the exception of dozers which declined 12% on 2006 sales.
The increases in sales reflected the strength of the Australian economy over the last three years and in particular the amount of construction work and increased demand in the mining market.
With the expected slowdown in the growth of the Australian economy from 3.9% in 2007 to around 3.0% in 2008 the growth in the construction market is expected to moderate during the year ahead.
However, the mining market is expected to remain strong throughout the year.
Overall, sales for construction and mining equipment markets are forecast to remain at current levels over the next two years.
Copies of the ERG Annual Report are available to selected companies.
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