Its confusing right? Headlines are saying the Construction industry is going bust, but work seems to be busier than ever right now? The jobs are coming in from every angle, it’s difficult to get skilled trades and labor and their rates are going up and up.
The ABS released December quarter results this week, showing the amount of construction work done in Australia fell 3.6 per cent in the December quarter which sparked a media frenzy and lead me to believe things were about to go belly up.
But.. On reading into this further, the major slowdown is linked to the engineering sector. A 9.5% fall in engineering work done, which includes mines, roads, bridges and the like, indicates the suffering mining sector is primarily responsible.
Residential & Non-residential
On our side, non-residential construction rose by 2.5% to $8.96 billion, up 2.2% from Q4 2015, and, residential construction also increased, rising by 2.7% to $16.03 billion, the highest level on record and up by 11.5% from the previous year.
So we can all relax - the good times look like they are here to stay..