Working in Construction in Australia in 2014
Where has 2013 gone? I can’t believe how quickly this year has flown by – but I can tell you, I’m really excited about 2014 and those who are entering the construction industry this year.
In 2013, the construction industry has seen quite a bit of volatility. Falling commodity prices has narrowed the pipeline of new major development projects, so some are reporting that the engineering construction boom might taper off. However we’ve had historically low interest rates and improved housing affordability so there’s been an increase in the amount of spending in the residential construction industry! Which is great for those working on residential areas – as hopefully 2014 will provide us with a similar outlook.
There’s also been a recent recover in investor sentiment and due to the lower interest rates there’s been an improvement in commerce that will hopefully see an upturn in non – residential construction spending.
So what does this truly mean? It appears that although some sectors of the construction industry have been quiet, it’s been offset by the increase in others. According to the Australian Construction Industry Forum it appears that in 2014 there will be $229 billion spend on construction activity, which is roughly the same as 2013 and this amount is 75% larger than it was a decade ago. Just goes to show how much the construction industry has grown over the past 10 years. Hopefully this is a trend we will continue to see in the future and there will be plenty of work available in the industry in 2014 and beyond.
When looking at the outlook of the construction industry the ACIF has forecast a few things that will affect the industry
- Concerns about the stability of the Eurozone
- Whether China will be able to sustain economic growth in the future
- Continued economic recover in the US
- A drop in Australian interest rates to record lows and a drop in the Australian/US exchange rate
These are all important things that will have a big impact on the construction industry in 2014.
Are you joining the construction industry in 2014? No matter what sector of the construction industry you will be joining – don’t forget that you must complete your occupational health and safety course in order to work in the industry. This is a requirement for every person who works in the industry to ensure you know how to stay safe on a job site. If you want more information about this course simply click on the home button and you can find out all about the training course.