Construction Trends Victoria
General construction industry statistics for Australia show that recovery is on the up. In particular, New South Wales and Northern Territory are showing are showing strong signs of growth in the commercial and institutional sectors. However, little can be said for Victoria’s construction industry, which continues to show lacklustre development.
In fact, many have labelled construction recovery in Victoria as “sparse and inconsistent.” A forecaster from BCI Economics has noted that the Victorian construction industry shows signs of slowing down, with annual drops of 2%. Despite the success of large-scale independent projects, the overall picture looks subdued. Growth, if any, will only occur in the coming years at an incremental rate.
Residential vs. Commercial Construction
It’s not all doom and gloom, however. Despite a relatively inactive market, Victoria managed to avoid the fate of its sibling cities in the United States and the UK, with many construction-heavy municipalities shutting down or facing urban decay.
In fact, many people think that Victoria was spared a worse fate because of growth in the commercial and institutional construction sectors. For the commercial sector, the statistics look good. Productivity in this domain looks set to increase by 21% in the coming years. The civil construction industry, although not experiencing as much growth as its commercial counterpart, is nevertheless stable.
The residential sector is the main culprit here for Victoria’s construction woes. A lack of market confidence in 2009 noted a remarkable drop in the building of new houses. However, all of the ingredients for a revival are present: interest rates are low, confidence is gradually creeping upwards and the cost of building materials has settled. Interestingly enough, small pockets of the residential sector are already doing well, in spite of the fact that, generally, the rest of the sector is depressed.
There are a few things that stand in the way of a complete recovery, however. Unemployment has increased, and many people are nervous about their job security. There has also been a reduction in the available average credit for the construction of new homes. Generally, it is difficult to for the average Victorian to obtain the right kind of credit for building. Excessive and ineffective taxation has also placed a dampener on the residential sector’s overall growth.
Working Construction in Victoria
Sure, these statistics are less than awe-inspiring. That doesn’t mean you shouldn’t look for work in the state. Despite the glum outlook for the residential sector, the commercial, civil and institutional markets are still looking for more people to join the workforce. Companies are looking for carpenters, plumbers, joiners, urban planners, drainers, gas fitters and other building associates. They also require the skills of engineers for the completion of larger projects. Nice per cent of people in Victoria are employed directly by the construction industry, which comes to a total of 268 000 workers.
If you’re interested in bringing your skills to Victoria, browse the web and see where your qualifications are needed. You should also make contact with the Housing Industry Association, Master Builders Association Victoria and the Victorian Employers’ Chamber of Commerce and Industry.