The Australian architecture industry is ready for strong growth over the next five years. Take a closer look to see what’s behind the emerging opportunity and what the future holds.
What Do Industry Experts Predict?
Industry research group IBIS expects growth in the architecture industry
to jump from just 0.5 percent in the past five years to 2.2 percent over the next five years. It’s good news for architects too, as IBIS believes employment levels within the industry will stabilise and return to modest growth.
The IBIS report outlines that growth in 2015/2016 will be relatively modest at 1.3 percent before it picks up in 2016/2017 and beyond.
What’s Behind the Growth?
A boom in commercial construction is likely to stimulate the growth. IBIS believes this sector will account for more than half of the architecture industry’s revenue going forward. Growth will be particularly strong as Australia gets more retail, office, and entertainment developments and institutional buildings, especially those servicing the healthcare industry. Increasing building code regulations and more complicated mechanical and electrical requirements will drive demand for design development professionals going forward.
What Does the Future Hold?
More commercial builders will start offering architectural services in attempts to capitalise on the growing demand. These companies offering vertically integrated services may capture a large share of the architectural market as clients look to partner with firms who can take their project from development to completion. This shift will put pressure on traditional architectural firms, which may also need to broaden their own services to compete.
TPM Builders has a long history of delivering vertically integrated commercial building services, including design and construct
, to clients across Queensland and New South Wales. Contact us at 1300 733 891 to learn more about how our trained architects can help bring your next commercial construction project to life.
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