Industry experts insist there’s no need for doom and gloom

With Australia’s mining boom finally slowing down and the residential housing market finally peaking, there’s been several fears within the industry that this means a downturn is imminent across commercial and other large-scale developments. However the Australian Construction Industry Forum’s (ACIF) updated forecasts, which are slated for release in May, insist that these fears are born out of nothing and that the building and construction industry still plays a significant role in the Australia economy.
The report also suggests that residential construction work is seeing steady and strong growth across the sector, which is consistent with what we’ve seen with regards to developments approved by local governments. In particular, high rise residential apartments and commercial buildings remain popular due to a growing demand for more compact, affordable living spaces close to current commercial and public transport hubs.
The ACIF is keen to keep the idea of doom and gloom reporting out of the media, as their influence is able to spook the industry and its clients into making cuts and becoming conservative when they should in fact be pushing for continued growth. Buyer demand is steady, according to the ACIF report, due to low interest rates being offered by the big banks and construction developers should be looking to take advantage of this.
The report also highlights the increase in road and railway projects and the exciting information that the construction industry is now beginning to benefit from the NBN, which has now entered a stage where it is beginning to hire construction workers and developers.
The ACIF will launch their forecasts report at an industry breakfast in early May in Melbourne, which will provide industry outlook nation-wide. Following the event, the reports will be available for download via the ACIF website.