Tradies set to benefit from the next industry boom?

//Tradies set to benefit from the next industry boom?

Tradies set to benefit from the next industry boom?

Tradesmen could be set to experience a boom in demand as the building sector goes into overdrive during the next two years, one expert has claimed. 

CommSec chief economist Craig James said mining growth may be on the decline, but construction and associated industries are tipped to fill the void.

Speaking at a media briefing in Sydney, Mr James said builders will "hold the upper hand" as resources activity continues to decline off the back of weakening demand in China. According to the expert, this pattern is already being seen through increased home lending.

Residential construction is also on the rise due to increased government spending, with new dwelling approval rates reaching record highs.

"If more loans are being taken out for the construction of houses and apartments you tend to expect that is going to translate into more building work happening," the CommSec economist added.

"The builders get the money, the carpenters get the money – all the people providing curtains and carpets and landscape gardeners and light fittings."

Mr James said the whole process of building a home means various trades receive extra dollars, all of which will be spent throughout the wider economy. 

He claimed that while the salaries may not be the same as in mining, construction and the trades are much more likely to benefit a wider pool of people. 

The construction recovery is more likely to be in "a broader context", Mr James explained, whereas mining is typically restricted to certain areas of the country.

Tradies hoping to benefit from an increase in demand for their services may want to review their insurance to ensure they have the right cover for their needs. Those working on renovations and housebuilding, for example, will often require public liability insurance to protect against claims of bodily injury or damage to a property.

2014-04-24T01:05:45+00:00 April 24th, 2014|