For any industry, growth is never an easy metric to measure. But, with the right support and a well-laid-out path ahead, there is potential to yield the right results.
In one of our recent blog articles, we touched upon how a government’s role is crucial in determining the construction industry’s growth. With examples of nations like Britain and Singapore investing in their respective national infrastructures, it looks like Australia is heading towards the same path. With the recent elections in May, there is so much scope for growth in the construction industry. The newly elected Labor Government has committed funds to various infrastructure-based projects across the country over its tenure.
These projects include the fast rail link between Sydney and Newcastle and Melbourne’s suburban railway loop development to name a few. Both projects are looking at huge investments promised by the Labor government that has also committed towards tackling climate change, emission reduction and renewable energy, also addressed in their election strategy called the “Powering Australia Plan”.
With these projects underway, one can forecast possible slow but steady growth. According to GlobalData reports, Australia’s construction industry is on path to continued growth with a predicted rise of 4.3% in 2022 and an anticipated 2.6% growth rate between 2023 and 2024. This is looking like setting a new “record” in terms of growth since the pandemic.
With government backing, upcoming projects and potential growth for the industry, the time has come for all professionals, both experienced and fresh starters within the construction industry to get active and busy. Upcoming projects are equivalent to upcoming jobs that need to be filled and we need to be active now to be part of this movement.
To know more about the industry’s future, check out this link below