2015 saw the resource boom of Australia come to a close and as a result, a world of opportunities have opened up for our great country to stride into the future. This is especially evident in the construction industry. It’s a great time to build in Australia with cities like Sydney and Brisbane leading the world in prospective market growth, and Victoria hot on their heels. MKM Constructions are excited to be a part of an industry with such a bright future.

Turner & Townsend have completed qualitative research called the International Construction Market Survey 2015 where the global construction market as a whole is examined in depth. According to the research, right now it’s looking good for Australia. The combined effect of record low interest rates, improved labour availability and falling wages means little cost escalation and steady market growth:

“The tide is now starting to turn in Australia’s favour with many factors influencing this change. These include a falling Australian dollar, a low interest rate environment which makes finance relatively cheap and stable construction costs.”

Gary Emmett – Senior Economist for Turner & Townsend

In Victoria in particular, the changing environment has meant the building work in our state has increased, while other states, like New South Wales, has actually declined. Urban Taskforce CEO Chris Johnson said “Victoria produced $1172 per person in the March Quarter while NSW only produced $808 per person. In the last quarter NSW has moved downwards while Victoria has moved upwards” ( 2015).

This is exciting news for construction company and client alike, and at MKM Constructions, we are going to embrace the change in the market, and are intent on being a business that will grow alongside the industry.

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