Australia Set for a Long Term Boom in Maintenance Construction
According to the Maintenance in Australia report by BIS Oxford Economics, 2022…
4 December 2018
Victoria is the epicentre of economic growth in Australia. The economy has benefited from strong population growth, low interest rates and an increase to employment over the last twenty-four months. One of the leading contributors is the upsurge of the Governmentâ€™s infrastructure investment and with the Labour Party being re-elected it seems there will be no slowing down.
The Australian Construction Market Report November 2018 forecasts that $59.38 billion will be spent on public and private infrastructure across Victoria in 2018-2019 alone. Projects such as the Metro Tunnel, West Gate Tunnel, Level Crossing Removal Program and Monash Freeway Upgrade (Stage 2) are investments currently underway, with many more in the pipeline.
Premier Daniel Andrews promises to shape Victoria for future generations. Over the next four years they have committed to fund, but not limited to;
With an increase to infrastructure translates to a demand for a highly skilled workforce with expertise in all aspects of building. Employment in major construction increased by 4.3% in the year to February 2018, and expected to further upsurge by 2.7% in the next six months.
Victorian businesses are notably reporting labour shortages across the board as the supply dwindles and demand for skilled tradesmen and employees on site intensifies. Within the last 6 months alone, building contractors have had a 50% increase citing â€˜majorâ€™ or â€˜moderateâ€™ difficulty in sourcing sub-contractors.
The investment being made to infrastructure is at an all-time high for Victoria and the demand for all roles across the building and construction industry is evident.