How Big is Australian Construction Industry?

How Big is Australian Construction Industry?
Posted on Apr 02, 2023

The construction industry is a crucial sector in the Australian economy, providing a wide range of services related to the design, planning, construction, and maintenance of buildings and infrastructure. The industry has a significant impact on the country’s economy, employment rates, and overall growth. How Big is Australian Construction Industry? is a relevant question and here we will look at some answers, including its key sectors, trends, and challenges.

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How Big is Australian Construction Industry?

The Australian construction industry is a significant contributor to the country’s economy, with an estimated value of $360 billion in 2020. The industry employs over 1.2 million people across a range of occupations, including builders, architects, engineers, project managers, and tradespeople.

The construction industry can be broken down into three main sectors – residential construction, non-residential construction, and engineering construction. Residential construction includes the building and renovation of houses, apartments, and other dwellings.

Non-residential construction includes commercial buildings such as offices, shops, and schools, as well as public infrastructure such as hospitals and stadiums. Engineering construction includes infrastructure projects such as roads, bridges, and utilities.

According to the Australian Bureau of Statistics, the value of residential construction in Australia was $101 billion in 2019-2020, accounting for 28% of the total construction industry. Non-residential construction had a value of $64 billion, accounting for 18% of the industry, while engineering construction had a value of $195 billion, accounting for 54% of the industry.

Trends in the Australian Construction Industry

The Australian construction industry is subject to a range of trends and challenges that impact its growth and development and its why this question – “How Big is the Australian Construction Industry?” comes up. Some of the most significant trends in the industry include:

  • Sustainability – There is an increasing focus on sustainability in the Australian construction industry, with an emphasis on reducing the environmental impact of buildings and infrastructure. This includes the use of sustainable building materials, renewable energy sources, and energy-efficient design practices.
  • Digitalization – The adoption of digital technologies such as Building Information Modeling (BIM) and 3D printing is transforming the construction industry in Australia, improving efficiency and reducing costs.
  • Urbanization – Australia’s population is becoming increasingly urbanized, leading to a greater demand for high-density housing and infrastructure in cities and urban areas.

Challenges Facing The Australian Construction Industry

The Australian construction industry faces a range of challenges that impact its growth and development. Some of the most significant challenges include:

  • Skilled Labor Shortages – The Australian construction industry is facing a shortage of skilled labor, particularly in trades such as carpentry, plumbing, and electrical work. This is due to a range of factors, including an aging workforce, declining apprenticeship numbers, and competition from other industries.
  • Cost Pressures – The cost of construction in Australia is increasing, driven by factors such as rising land prices, material costs, and labor costs. This can make it difficult for builders and developers to remain competitive and deliver projects within budget.
  • Regulatory Framework – The Australian construction industry is subject to a complex regulatory framework that can create barriers to entry for small and medium-sized businesses. This can make it difficult for new players to enter the market and for existing businesses to navigate the regulatory environment.

Why Someone Wanting To Work In The Construction Industry Must Be Aware Of Its Size and Trends

As such, anyone working in this industry must be aware of its size and latest trends to stay competitive and up-to-date with industry developments. Being aware of the size and latest trends in the Australian construction industry is crucial for anyone working in the sector to remain competitive, meet customer demands, and contribute to the industry’s ongoing success.

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