Labor leader Annastacia Palaszczuk’s surprise Queensland election win created an environment of uncertainty for the state’s construction sector, but it seems to be bouncing back. Take a closer look at the key areas where the building sector is surging ahead.
The home renovations market might have stalled, but it’s not all bad news for Queensland’s residential housing sector. Recent approval rates for new housing projects suggest more than 38,000 homes will soon be built across the state. The Housing Industry Association expects annual construction levels in Queensland will soon return to more than 40,000, where they should remain for some time to come.
Commercial Construction: Retail, Industrial, and Accommodation on the Up
There are mixed fortunes for the commercial construction sector. There’s little demand for new office buildings or healthcare facilities, but there should be several new opportunities in the retail, industrial, and accommodation industries. Key projects like the construction of the Gold Coast’s cruise ship terminal, set to commence in October 2015, and the Etheridge Integrated Agricultural Project, slated for June 2016, will help boost this sector. Together, these projects have an estimated value of close to $7 billion.
Employment Levels: Uncertain Future for Building Workers