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24 January 2023
Australia’s construction industry is booming in 2023, with employment reaching a new record high. According to data from the Australian Bureau of Statistics (ABS), the number of people employed in the construction industry has risen by 4.2% over the past year, outpacing growth in other industries.
This surge in employment is being driven by a number of factors, including strong population growth, low interest rates, and government infrastructure spending. The population of Australia continues to grow at a steady rate, which is leading to an increased demand for new housing and commercial buildings. Low interest rates have also made borrowing for construction projects more affordable, encouraging developers to undertake new projects.
The government’s infrastructure spending has also played a key role in driving growth in the construction industry. The government has announced a number of major infrastructure projects, including new roads, rail lines, and airports, which are expected to create thousands of jobs in the construction industry.
The construction industry is also seeing a rise in demand for specialized skills, such as electricians and plumbers, as well as a shortage of skilled labour. This is leading to higher wages for workers in the industry and an increase in the number of apprenticeships and training programs being offered.
Overall, the construction industry in Australia is in a strong position, with employment at a record high and a range of positive factors driving growth. This bodes well for the future of the industry and the economy as a whole.