March 28, 2017/ News
Currently, Australia's population sits at over 24 million people and is set to grow exponentially. According to the Australian Bureau of Statistics, the population is expected to balloon to over 46 million by 2075, based off of their medium growth projections.
Why Is Australia's Population Increasing?
The expected boost in the population can be attributed to two main factors: natural growth and net overseas migration (NOM).
Natural growth refers to births minus deaths within Australia. Over the years, the influence of natural growth on the overall increase in population has weakened. This is due to the continual aging of Australia's population, the decrease in birth rates and the expected extension of life expectancy.
Net overseas migration is the increase or decrease in population due to the immigration into and emigration out of Australia. Net overseas migration is based on an 'international traveller's duration of stay being in or out of Australia for 12 months or more over the 16 month period'. The contribution of net overseas migration to the overall population increase has overtaken natural growth and is expected to continue to play a significant role in the future. Australia is fast becoming a hot spot for overseas investors, international students, skilled migrants, long-term temporary visa holders, permanent migrants, and so on. Droves of people are rushing to our bountiful shores.
How Does Population Growth Affect Construction?
So what does this predicted population growth mean for the construction industry and your construction business?
Well, it seems to be an exciting time for construction, especially those involved with residential and infrastructural developments. With the impending increase in population, this will result in additional strain on Australia's existing infrastructure and housing. New projects in these sectors will need to be initiated in order to accommodate this growth and alleviate the associated pressure. The Master Builders Building Industry Outlook 2016 forecasts medium to high-density residential structures will continue to experience strong demand and increase the work available for construction businesses.
Also, public infrastructure will need to be expanded upon to help minimize congestion. Infrastructural developments are already scattered throughout the Sydney area, with the train and light rail networks expanding. Increased opportunities for construction work in this sector appear to be on the horizon, with infrastructural developments lined up for the future.
Furthermore, the expected increase in Australia's population, especially the influx of skilled migrants, may help to combat the skills shortage in the Australian construction industry. Currently, there is a deficit in fields such as bricklaying, roof tiling, stonemasonry, and plumbing. However, there is no way to ensure that the skilled workers that come to Australia will be able to sufficiently counteract the shortage. Domestic initiatives, such as increased apprenticeship opportunities, will also need to be implemented in order to increase the number of skilled workers in the industry and reduce the shortage.
Are you a construction business looking for an extra set of hands to help you out with your projects, contact us at Workfast today & we'll connect you with our skilled workers.