Home' Employment Forecast : MyCareer Employment Forecast 2010 October Edition Contents Total Jobs
Although the Construction & Property Sector did experience a slowdown after the GFC, it is now returning to jobs growth. Once
again, Victoria is leading the charge, with some large projects underway. The Victorian Government has approved the
$484 million Berrybank Wind Farm proposed by Union Fenosa. In total, the company is planning $1.6 billion in renewable energy
projects in Australia. Grocon also plans a $330 million residential tower at the former CUB site in Melbourne.
Looking at the other states, the value of building approvals is rising strongly in NSW (38.2% growth/$20.4 billion in value).
That is still lower than the Victorian dollar total of $23.4 billion, although Victoria is growing at a lesser rate of 24.2%. Approvals
are also growing very strongly in WA, currently at 53.7% p.a. and in dollar terms, $12.9 billion, which is triple the level for its
neighbour SA. More modest growth, at 10.4%, is being shown in SA, suggesting that its recent strong jobs growth may be
coming to an end. In Queensland, jobs are declining still but the value of building approvals is up 7.0% after declining throughout
most of 2009 and the frst half of 2010.
Overall, the outlook is improving for this sector, with the value of building approvals already virtually back to the pre-GFC peak.
The value has risen to $84.4 billion, whereas the peak was $85.4 billion in September 2008. In fact, the value of approvals is
growing at an annual rate of 24% (year ended July 2010). With such growth, it is not surprising that on a trend basis business
confdence in this sector has really improved, although the June quarter weakened with the share market wobbles.
With a high level of building approvals and restored confdence in the sector, the jobs outlook is solid but not spectacular.
By May 2011, jobs are expected to have grown on an annual basis by 2.2%. Finding suitable people will become more of a feature
for this sector, as already job vacancies are at record levels and are well up from their pre-GFC levels.
MyCareer Employment Forecast
Construction and Property
Building approvals are at near record levels and this will drive growth
Links Archive April 2010 MyCareer Employment Forecast April 2011 Navigation Previous Page Next Page