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Construction Industry Facts (Updated 2020)
Statistics are dry and dull - no drama, no human stories. But the moment you start reading the meanings behind numbers, they help you make wise decisions and grasp unique opportunities.
Numbers accompany us in every field of human activity. It’s because no industry will promise you everlasting stability and unchanging state of affairs. Construction is no exception.
That’s why a fresh insight into statistics will ensure you never fall behind your peers, co-workers or competitors.
To help you see the larger picture of the construction field in Australia, here is a chance to dive deep into numbers that shape this industry, reveal the major challenges, and find viable solutions.
The Australian construction industry in numbers: A promising future
Construction is the third largest industry in Australia for the number of people it employs and its share in the GDP (Gross Domestic Product) of the country.
In 2019,over 1,15 million people were employed in construction (it’s 9.0% of all jobs in Australia). A further118,800 jobs are projected to be added by May 2023. This means we will witness a 10% rise in employment in construction.
Nearly 118,800 jobs are projected to be added in the construction industry by May 2023.
Graduates fresh out of school who seek a career path, established workers who want to upgrade their skills, business owners, investors, and startups – all of them are welcome to be part of this growing industry.
True, construction is a huge player in Australia’s economy. However, an industry of such big perspectives and with so many vital tasks to accomplish cannot bypass hurdles and tribulations.
The major challenges in construction: problems or opportunities?
Before you enter this field or rethink your roles and responsibilities as a savvy professional, here is the larger picture of the pain points in construction.
A slow-to-innovate industry
Construction is one of the three industries (together with agriculture and transport) that are slow to embrace digital technologies and innovations (based on a report by the Office of the Chief Economist). No wonder, too often paperwork and data processing are still done manually.
Projects are most likely to go over time and over budget.
Delays beyond original schedule are a common practice. Large projects typically take20% longer to finish than scheduled.
When constructing a typical home, the builder is most likely to go10.6% over the budget of the entire cost (because of the “things that can’t be categorized”).
Logic prompts that going over time and over budget should mean there are productivity problems. Data is there to support such an assumption.
Issues with productivity
When it comes to productivity, construction still “lags behind” other key Australian sectors, including agriculture and healthcare.
PlanGrid states thatover 14 hours per week are spent on dealing with conflict resolution and rework that drift away from high priority tasks.
Ensuring the safety of workers
Safe Work Australia informs that though work-related injury fatalities decreased by 62% from its peak in 2007, construction remains in the top three industries that imposes a risk to workers’ lives (as of 2018).
To safeguard yourself against sudden fluctuations, as well as be prepared for technological and policy changes, keep a close eye on industry trends.
Robert H. Schuller has a line: “problems are not stop signs; they are guidelines”. Challenges mean opportunities as well. Simply plan for a major shift and embrace new possibilities.
Education is the answer: read statistics and invest in yourself.
Learn to “read” statistical data.
Increasing or declining numbers in construction will prompt you why certain things work while others do not. Make the most use of this data.
You will be able to position your skills and your business towards the path of success if you understand the changeable needs of the market.
Use statistical data to reduce costs, find out which areas of your work should be optimized for better results, and make informed decisions about where you should invest.
Explore the possibilities of automation and digitization in this sector – the challenges construction workers face should prompt you what kind of technological solutions can increase the efficiency of each project and the industry as a whole.
Enroll in top-notch training courses.
Quality training is power. It’s the key to consistent success. And that’s natural. When a professional armed with solid knowledge meets the imposed challenges, growth and opportunities arise.
By training and retraining your skills, you will not only pursue a successful career in construction but also be confident you are prepared for any major shift in the market.
Back to Basics, a nationally recognized training provider, helps to unearth your potential and bring a sure success into your career and business.
Gain your license or diploma through up-to-date, high-class online training. Choose your field of interest: contract administration, building, estimating, site management, trade contractor management, project management and more.
Your studies are both pleasurable and productive. Here is why.
You learn at your own pace.
You study from the comfort of your home or office.
You receive one-on-one support throughout the course.
There are no hidden fees – you enjoy all-inclusive training programs.
You study with professionally customized modules that match your competency level.