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The construction industry’s bright future and the opportunities for job seekers
15 May 2014
2014 was a remarkable year for the construction industry, with rising confidence across the marketplace, greater job flow, positive consumer sentiment and higher overall investment buy-sell activity – particularly in the major capital cities (Sydney, Brisbane, Melbourne).
We look at trends driving career opportunities within Australia’s construction sector.
With interest rates low and offshore investment at a 30 year high, Australia’s construction employment market does look attractive for the future. Let’s look at the key developments that are making the local job market so strong.
We are seeing increased demand for home building and apartment development, with significant investment coming from overseas companies. Now that the mining and resources sectors have slowed, we are seeing a reallocation of funds from investors, with a more balanced spread across industry sectors. This is good for the overall economy as it presents a more natural spread of investment.
The additional activity in residential development has created a need for strong talent in this area. In Melbourne, for example, we have witnessed an ongoing demand for apartment sales to offshore investors which continues to provide outstanding opportunities for contractors, project management consultants and service engineering professionals to find quality career prospects.
With confidence slowly rebuilding across a number of areas within construction, the demand for talented professionals will continue.
Major CBD developments
As the residential market expands, there is a knock-on effect to other sectors. There is a natural decline across engineering construction versus the construction built form market. As we noted in the 2014/15 Michael Page Australia Salary & Employment Forecast for construction, there has been a 10% increase in building approvals in NSW, with no indicators pointing to this trend slowing down over the coming two to three years. In the same survey, 36% of employers reported that the employment market is stronger this year. This comes as no surprise, with a number of multibillion dollar development precincts close to the Sydney CBD at either stage 1 or 2 of their construction cycle (including Barangaroo, Central Park and Green Square)
In 2014, there are really interesting projects underway in infrastructure development. Over the past five years, there has been little activity in this area in Sydney and Melbourne in particular, however this year, the sentiment within local government and the private sector has changed. This is evident with the announcement of increased investment across airports, roads and transport – all of which have lengthier and more sustainable potential employment prospects for mid to senior construction management appointments.
With confidence slowly rebuilding across a number of areas within construction, the demand for talented professionals will continue. This means a lot of opportunities for local construction professionals, as well as a strong incentive for overseas-based Australian talent to return home to deliver iconic, sustainable and attractive urban and regional projects for our country.
See the latest opportunities in property and construction here.
The Australian construction industry has been boosted by low interest rates and offshore investment reaching a 30-year high. The key developments driving this are:
• Residential developments - huge demand driving investment from overseas and a need for talent
• Major CBD developments - 10% increase in building approvals in NSW and a number of multi-billion dollar developments in Sydney
• Infrastructure - Announcements of increased investments in airports, roads and transport driving growth and confidence.