Construction industry continues to strive - report

Posted by Design & Construct on 11-Nov-2015 02:32:06

In Construction

In the face of an improving economy, the national construction industry continues to go from strength to strength - a great forecast for professionals looking to move jobs in the near future.

According to the Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI), the industry experienced a third straight month of expansion (up 0.2 points to 52.1 points). A score above 50 points is a sign that the industry is growing rather than contracting.

Apartment building setting the standard

"The strong findings for apartments are consistent with the considerable pipeline of activity."

With the vast nature of the Australian construction industry, there are always examples of sub-sectors standing head and shoulders above the crowd. At the moment, this shining light is the apartment building activity sector.

Based on the index, the scope of apartment building expanded 9.2 points to a significant 72.4 points. This marks the highest ever result for the sub-sector in the ten year history of the construction index.

HIA Chief Economist Harley Dale explained that the result highlights how strong the country's residential sector is at the moment.

"The Australian PCI result for October reinforces the important role that residential construction is playing in driving broader economic activity," he said.

"The strong findings for apartments are consistent with the considerable pipeline of activity, while the overall trajectory for detached houses signals healthy construction in 2015/16, albeit off the cyclical peak of last year."

NSW jobs set to soar

While construction jobs will increase around Australia, it is always good to highlight specific examples. With a growing population of more than 7 million, according to the Australian Bureau of Statistics (ABS), NSW is one state that needs more housing both in the form of apartments and other infrastructure.

"The state's strong building construction pipeline will support jobs."

In a November 2 media statement, Treasurer Gladys Berejiklian commented on ABS figures which highlighted the 25 per cent increase of home approvals in the last 12 months. To September 2015, there were more than 60,000 new homes approved.

"The state's strong building construction pipeline will support jobs, stimulate the economy and will be good news for people wanting to enter the housing market," she said.

Additionally, Planning Minister Rob Stokes stated that the government had recently finalised plans in the Macarthur region, which will see a number of new homes built within the next 24 months.

Regardless of where you are in Australia, construction is an industry that is moving in the right direction. To learn more about the opportunities available, contact the expert consultancy team at Design & Construct today.