Are things slowing down? Or are they about to speed up? Let’s take a look…
With the rise of the internet and IT-based industries, you could be forgiven for thinking that blue-collar jobs are all but gone. The 2008 global economic recession has further corroborated this point, with many construction industries in the UK and US dangerously contracting. What, then, for Australia? Is it about to meet a similar fate to that of its counterparts in the Northern Hemisphere? Let’s take a look at currents trends in the Australian construction industry.
How Things Currently Stand in the Construction Industry
The good news is that the construction industry in Australia appears to be moving in the opposite direction – that is, upwards. There has been a steady increase in construction productivity over the past decade. Of course, there was a slight dip in 2008 when the whole world reeled from turmoil in the stock markets. Between the years 2008 and 2009, overall annual earnings lay at 100 000 million dollars. In 2011 – 2012, this figure leapt to 300 000 million dollars. This marks a significant jump Australian construction, with particular spikes in the residential and commercial sectors. Institutional and infrastructure construction also experienced increases in development, thanks to large governmental investments.
Leading up to Now
Australia was particularly lucky not to experience the same kind of economic turmoil as the rest of the world in 2008. There were slight dips in commercial property sales and construction. Prices for materials like steel and fuel rose, making construction projects more expensive. All of this was, however, relatively short-lived. Experts believe that crisis was averted due to some shrewd investments on the part of the Australian government, particularly with regards to the stimulation of the construction industry. These investments appear to be paying off, with construction earnings steadily rising as the years go by.
Stimulation in the Construction Industry
In 2008, generous stimulation packages were handed out to ensure that the construction industry remained strong in spite of the global recession. These investments resulted in better figures for the years 2012 and 2013, with distinct increases in construction in non-residential sectors.
One such stimulation endeavour was in the construction of learning institutions as part of a nationwide attempt to boost education. Experts believe that the building of learning centres could contribute to a predicted 16 billion dollar increase in annual construction earnings. Infrastructure projects look to accomplish similar things for the industry, especially in light of generous investments from the public. In fact, there seems to be a large number of big projects on the horizon, which will lead in an increase in jobs and all-round productivity.
Forecast – What does the future look like?
Experts believe that there is even more to look forward to. If current trends continue, there will be an explosion of jobs in the construction industry, with companies hungry for fresh talent and skills. Analysts predict a further 8% increase in the residential sector for 2014, providing even more jobs for the public. In order to attract the labour force needed to make these projects a success, companies will be offering attractive salaries and good benefits. This means that the next few years are ripe for new careers in construction.