Australasia has received an overall score of 0.87 on GlobalData’s February 2022 Construction Project Momentum Index, which provides an assessment of the health of the construction project pipeline at all stages of development from announcement through to completion.
Every construction project in GlobalData's database is assigned a score of between 5 and -5 based on its current progress, a score which is continually updated over time. These are then weighted by the value of each project in order to come to overall scores for countries, regions and sectors.
That score puts Australasia in 1st place out of 11 regions, and is a descrease on its score from January 2022 (0.98) when it ranked in 2nd place.
One reason for Australasia's relatively good performance in the index is its institutional sector, which scores 1.21, putting it at 1st place out of 11 regions worldwide.
Australasia's energy & utilities sector, by contrast, has performed somewhat worse, with a score of 0.65 (putting it in 4th place globally).
Within Australasia, construction projects are proceeding with fewest obstacles in New Zealand, which scores 0.91 in the index. The situation in Australia, however, is somewhat less positive with a score of 0.87.
The Construction Project Momentum Index
GlobalData's Construction Project Momentum Index is based on analysis of thousands of individual construction projects around the world.
Each project is continually monitored for updates, with updates indicating progress increasing the project's score while updates indicating delays or cancellations reduce the score. The score always sits between 5, the best possible score, and -5, the worst.
The scores for individual projects are then weighted based on their significance in order to create combined indices for each region or sector.
Events that can reduce a project's score include the project being cancelled or put on hold, delays, the rejection of applications or tender bids or the reducing of the project's scope.
Events that can increase a project's score on the index, by contrast, include the completion or commencement of construction, the awarding of major contracts, or the approval of applications.