Surge in commercial building approvals drives up jobs growth.
The latest ABS building approvals data shows a 13 per cent rise in non-residential building approvals recorded over the 12 months to April 2018. Denita Wawn, CEO of Master Builders Australia said, “This surge in commercial building, including the construction of offices and new facilities in the education, health and aged care sectors has been a major driver of jobs growth and is set to continue.”
“In the past year alone the industry created more than 100,000 new skilled jobs, accounting for more than one in every four new jobs created. That means employment growth in building and construction was 9.6 per cent, three times the rate of jobs growth in the wider economy.
“More than 370,000 small builders are playing a key role in kicking the surge in jobs growth along. People should pay more attention, there are more small businesses in building and construction than any other sector in the economy.
“In the residential building sector the total number of new dwelling units approved in April was 18,701, up by 1.9 per cent over the year, supporting Master Builders’ view that the trough in the housing construction cycle is likely to be moderate and short lived.
“Continued growth in the work done by the industry is forecast to continue but it can’t be taken for granted. Investment decisions and business confidence, particularly in the commercial construction sector are heavily impacted by the policies of political parties,” Denita Wawn said.