Australia’s building and trade sector is firing on all cylinders.
Employment in the building and construction industries increased to 1,111,000 jobs last year. According to the most recent Australian Bureau of Statistics figures, 8.9 per cent of the 12.5 million employed people in Australia work in the building and construction sector, making it a strong contributor to the broader economy.
This year, total approvals jumped 17% to 19,851 in seasonally adjusted terms. This is more than three times higher than the 5 per cent increase predicted by economists, according to the Australian Bureau of Statistics figures.
Key infrastructure projects across the country have bolstered the construction sector. These include the Melbourne-Brisbane inland rail link, construction of a second airport for Sydney at Badgerys Creek, a Bruce Highway upgrade in Queensland, and a number of core projects in Victoria including a regional rail project and more.
Construction in NSW is particularly strong, with significant building and major infrastructure projects underway, such as the WestConnex, upgrades to the Princess Highway and Metro and Light Rail developments in Sydney.
And despite the fall in mining-related construction, a large number of major infrastructure projects have still been committed to, or are under construction in areas of the country where mining dominates.
Read full trend report here.