Improving residential and commercial building markets are driving the improved conditions for construction workers in Brisbane, Gold Coast and Sunshine Coast.
Builders are currently reporting rising turnover, stabilising conditions surrounding profitability and improvement in future orders. The ratio of builders who expected conditions to improve in the next 12 months is currently five to one.
In the residential market, apartment building has peaked however builders should expect a 15 percent rise in detached housing commencements in 2015. This is expected to rise again by 10 percent in 2016 due to undersupply.
Commercial property is also looking positive. Due to recent events encouraging tourism, like the G20, the sector is set to benefit from an overall improved economy. Property experts are more confident about the 12 month outlook in Queensland than any other state, excluding New South Wales. In particular they are confident about retail, industrial, hotel and retirement living construction. The only issue within the commercial sector is an oversupply of office space where vacancy levels have reached 14.7 percent in Brisbane.
Commercial building is also on the rise with the construction of the Sunshine Coast University Hospital and new office towers such as 480 Queen Street and 1 William Street.
Engineering Construction in the entertainment and recreation industries is expected to quadruple in the next four years due to the construction for the Commonwealth Games to be held on the Gold Coast.
All this can only mean good news for employment which has been slow over the last few years. Within the next 12 months this is expected to improve with many big companies planning to hire staff.
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