Demand for construction projects steady in Australia

//Demand for construction projects steady in Australia

Demand for construction projects steady in Australia

Demand is remaining high for tradies in Australia, with strong levels of construction continuing in 2014.

The latest research from Westpac has found that demand for homes in Australia is levelling out, following a period of high growth over the last two years. 

Building approvals are up 20 per cent on a year ago for residential properties, with more than 9,000 private home approvals in March 2014 alone.

Westpac also found steady demand in renovations across Australia, providing opportunities for electricians and owner-builders who specialise in renovation work.

With Westpac forecasting 200,000 new dwellings to be approved this year, there will be even greater demand for tradespeople.

Building demand forecast to remain strong over the next decade

With industry conditions expected to remain steady, Australia will also see a growing number of construction projects over the next decade.

New findings from the Australian Construction Industry Forum forecast that residential building expenditures will hold steady for the next ten years, growing by roughly 2.3 per cent annually across those years.

This new growth will be led by high demand in New South Wales, with heavy demand forecast for apartments and townhouses in the state. 

These findings suggest that the positive developments predicted for 2014 will also continue over the next few years, providing long term opportunities for Australian tradies.

Insurance necessary for trades people

With more buildings going up around Australia, busy tradies cannot afford to overlook the importance of comprehensive insurance.

An effective insurance policy will protect your tools and machinery while on site. Cover for public liability and worker compensation is also essential, given the number of hazards posed by a busy building site.

Getting your insurance cover right will give you the freedom to concentrate on the project at hand instead of worrying about unforeseen circumstances.

2014-06-04T03:15:13+00:00June 4th, 2014|