It is vital to stay ahead in the construction industry and be aware of what's next to come. The Ai Group have compiled their market research of the growth areas in the construction industry and key insights to help you leverage opportunities. We've rounded up some of the key findings to give you a little insight into where growth and development could be occurring over this period.
There are always new developments and large-scale projects occurring across Australia, and this isn't expected to slow down any time soon. There is expected to be a rise in the amount of major non-residential projects over the course of 2018 and 2019. Roads and freeways, rail projects and commercial projects will all increase, with public sector spending expected to be focused on developing transport infrastructure projects.
Whilst demand for labour has increased, there is a shortage of skilled labour across the construction industry. The projected increase in non-residential projects could mean that companies will experience difficulty in finding the right skilled labour for their projects.
Businesses have reported a significant increase in the cost of materials for their construction projects. The increased demand for a range of materials across the construction sector has seen prices go up. This is projected to keep increasing over the course of 2018.
The growth in the number of rail, road and other civil projects over this period means that engineering construction will lift to 12.6%. This is a significant rise from the 2018 total of 8.4%.