Construction

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The construction industry is set to face many significant challenges whilst the global economy focuses on recovery. There are, however, opportunities present in this industry, and despite future growth prospects remaining somewhat conditional on the lasting economic effects of the pandemic, the demand for construction is anticipated not to falter over the next few years. 

In the short-term, supply chain disruptions – for varying reasons – are expected to continue tampering with industry revenue, with many contractors fearing that a reduction in government funding could deepen insolvency pressures until the government introduces policy entailing greater access to finance, investment market stimuli, and potential tender opportunities. 

Technological advancements are only offering modest growth prospects beyond efficiency gains by lowering the cost of materials and speeding up construction. Additionally, due to changes in home prices, the number of housing starts, mortgage approval rates, and consumer confidence in the domestic market, the industry is subject to significant volatility.