AUSTRALIA’S construction industry is expected to grow by about 3,400 in the next five years, with new home construction to accelerate by more than 400 per cent, the Australian Construction Association has said.
Key points:The ANA expects construction output to grow faster than the rest of the economy over the next decadeConstruction industry has been hit hard by the global economic downturnThe association said new home prices would likely reach $1m in the first three years of construction in QueenslandThe ANL said its forecasts, released on Thursday, reflected a growing demand for new construction, and a growing need for construction equipment.
The Australian Construction Industry Association said it would invest about $600 million over the same period to boost the number of new homes in the state.
The new home build will take about four years to complete.
It said the Australian workforce would be hit hard.
“We’re very confident that the new construction jobs will be there for a very long time to come,” Australian Construction Associate Executive Director Mark Dyson said.
“The number of jobs will increase dramatically, especially in the areas where we’ve seen the strongest growth in the construction sector.”
The ANLA has warned that the housing market is in an “unsustainable” state.
“A major housing shortage is looming in Australia,” Mr Dyson told the ABC.
Australia’s housing market has been very, very vulnerable to a lot of the changes that have occurred in the economy in recent years.””
There’s a housing shortage, a housing crunch, and there’s a growing housing shortage in Queensland.”
Australia’s housing market has been very, very vulnerable to a lot of the changes that have occurred in the economy in recent years.
“The construction industry, which employs almost 12,000 people in Queensland, is currently in a “crisis”, according to the Association’s executive director.”
There are a number of factors that have contributed to that,” he said.
Mr Dyson has urged the Government to provide more certainty for the construction industry.”
In my view there’s still no certainty around the housing sector and there needs to be certainty around that as well,” he told the program.”
If we don’t have certainty, there’s not much else we can do.
“The ABC understands that the Federal Government is keen to ensure the Government doesn’t leave the industry with “unfairly” low wages.