February 12, 2017/ News
The construction industry is a robust industry that encompasses residential building, non-residential building and engineering construction. According to the Australian Bureau of Statistics, the construction industry is the fourth largest contributor to the Gross Domestic Product (GDP) in the Australian economy and has a significant impact on overall economic growth. Currently, the construction industry earns a staggering $349.3 billion in revenue, which further emphasises its significance in the economy. The construction industry is predicted to remain strong, with a projected growth in revenue of approximately 2.7% annually for the next five years.
This predicted growth may be attributable to a relatively recent boom in housing construction, in particular, the construction of apartment blocks and medium-density developments. This resurgence will mean that over the next five years approximately 185,000 housing and apartment projects will be underway, just in the Sydney area alone. The housing boom was spawned out of necessity to combat the shortage of affordable housing, particularly in more urban areas. The approval of these housing projects will result in the creation of thousands of jobs, improve the revenue and profit margins of the construction industry, and provide a real boost to the Australian economy.
The predicted growth of the construction industry almost comes as no surprise as it has always been a key player in Australia's economy. The construction industry is no stranger to peaks or troughs, but the next few years are expected to be a period of continued success. The recent housing boom, aimed at combatting the housing shortage, is just one event that will help take the construction industry from strength to strength.
If you're looking for workers to provide a helping hand with a construction project in Australia, contact us at Workfast today.