06 Nov Australian building construction continues momentous climb
After the rapid decline of the resources industry, Australia has looked long and hard for a successor to its economic throne. The construction industry has been the obvious option, and it is quickly becoming the jewel in our country’s crown.
More commercial construction in turn puts a focus on long-term building and roof maintenance and repairs. After all, it’s not sustainable to just fire these buildings up across our country; we need to keep them in well maintained working order for future generations.
Fortunately, there are few signs that the construction industry is slowing down. In fact, Master Builders Australia recently released its outlook of growth for the sector.
Citing Australian Bureau of Statistics data from 2011, Master Builders found that the amount of building work completed by September came in at a value of $172.9 billion. This didn’t include the $30 billion spent on renovation work during the same time period.
Over the decade to 2021, the value of construction work will skyrocket, reaching $2.4 trillion, the organisation predicted. Residential and non-residential building will make up $1.25 trillion (more than half) of this investment. Compare that to the 2011 findings, and these two sectors made up around 45 per cent – a substantial difference considering the sizeable amounts of money involved.
It’s positive news for the Australian economy, with more jobs and revenue expected. New South Wales and Queensland can both expect to be significant players in the continued growth of the construction industry, considering the booming property markets in the two states.
Facility Managers may even feel the pressure to keep up. New buildings are attractive to commercial tenants, so their existing properties will need to be up to scratch if they’re to attract the big money through long-term leases.