10 Positives in Construction Now

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10 Positives in Construction Now

Aug 17, 2022

Mood Lifters

At Construction-Recruitment, we make recruitment enjoyable, efficient and engaging and are committed to creating ‘Success Together’.

The news in the Australian construction industry is a mixed bag at the moment and depending on who you spend your most time with, the talk can be negative or positive.

We thought you could do with a mental boost and remember that the Australian construction industry is faced with unprecedented opportunities, and although we may not be out of the woods yet, here’s 10 positives in construction now:-

The Australian economy is emerging from the adverse effects of the COVID-19 pandemic and is growing significantly;
There is an unprecedented pipeline of construction work across all sectors;
South-east Queensland is set for a massive $1.8 billion boost to its economy, thanks to a wave of major infrastructure and construction projects to be built ahead of the 2032 Olympics;
For luxury and boutique residential builders, in the past 12 months, owner-occupiers took out $4.38 billion in loans to fund alterations, additions, repairs and rebuilds and this is set to continue. In August alone, owner-occupiers took out a huge $500 million in loans;
During 2022, some of the key drivers of inflation should abate as supply chains improve. Steel and other building materials prices should stabilise and return to normal levels;
International migration numbers are set to increase again, and this is set to ease construction skills shortages.
Market conditions should drive specific changes to contracting arrangements and a continued push for more equitable contractual risk allocations generally.
In the context of the COVID-19 pandemic there has been significant innovation in the way construction disputes are dealt with, particularly in the area of online court and arbitral appearances and hearings;
Climate change was a key issue in the recent Federal election. In May 2022, Australia elected a new pro-environment government committed to reducing carbon emissions by 43 per cent relative to 2005 levels by 2030. The incoming government anticipates this will create 604,000 jobs and generate $52 billion in private investment. Further, the new government has committed to a $15 billion ‘Rewiring the Nation’ policy which aims to accelerate construction of infrastructure to accommodate a significant planned increase in large-scale renewable energy, plus a ‘Help to Buy’ scheme to build 30,000 new social and affordable properties over the next five years funded by a $7.5 billion Housing Australia Future Fund.
Numerous long-term infrastructure projects are underway, and a significant number of private sector projects. Construction projects in defence, health, education and a resurgence of the commercial sector should keep the construction sector strong.