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Changes in the construction industry Post-COVID 19

COVID-19 has proved lethal for almost all industries at the global level. The construction industry was not an exception. However, it is atypical that the construction industry, in its few categories in Victoria, has flourished.

For example, the Victorian construction industry has seen substantial expansion with an 86.3% increase in the value of building works and a 31% increase in the quantity of building licenses issued.

VBA vision 27

In response, the Victorian Building Authority (VBA) has introduced a new plan known as Vision27, which offers direction for the following five years. It strives to achieve three primary public value outcomes: safe and dependable structures, communities that realize their full potential, and self-assured.

 

 The National Construction Code (NCC) 2022 will also be published this year, which will benefit the sector. Focusing on expanding accessible housing, addressing the dangers posed by lead in plumbing supplies, and increasing energy productivity while lowering greenhouse gas emissions are a few of the adjustments that will be made.

Costs of Construction Rise

Due to a variety of causes, including a tight labour market, rising input costs, and increased demand as a result of government incentives, the construction and building industries have experienced significant price inflation in the majority of states. However, the problems mentioned above are beginning to affect all types of construction. The cost rises traditionally started in residential construction

This is shown by the Australian Bureau of Statistics, which demonstrates that Australia had a record amount of construction work beginning in the year 2021, valued at more than $141.2 billion, up more than $10 billion from the previous record of $131.8 billion established in 2018.