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.