The construction industry is on the rise in Brisbane and Queensland in 2021. In spite of the shock the global economy suffered a year ago due to the coronavirus lockdown, many sectors have recovered remarkably. Some industries have actually been given a massive boost by the pandemic, such as home delivery services, online sales, and construction. In this post we will explain why the construction sector has grown so much in the last year and how structural steel fabrication Brisbane contributes to this massive development.
Current Construction Demands
As you’re reading this, what is being built now in Queensland? The landscape in Australian cities is constantly evolving, with the most common new developments being:
- New houses and apartment blocks
New residential centres are being developed in Brisbane and everywhere in Queensland, in the most exciting new locations. The most impressive new projects include Solaris, a master-planned community of 129 architecturally designed town and terrace homes, and Seanna Residences, a Sunshine Coast development offering 63 two- and three-bedroom homes, overlooking and with direct access to the picturesque Bokarina Beach.
- Government projects and infrastructure
The Queensland Government is planning to spend billions of dollars for major road and transport upgrades in 2021. Queensland Transport and Main Roads Minister, Mark Bailey, announced a very busy 2021: ‘2021 is the year of construction and jobs in Queensland thanks to a $56 billion, four-year infrastructure guarantee by this government as part of our economic recovery plan.’ The largest project is $1.5 billion Coomera Connector (also known as the Second M1).
Why this Growth is Happening:
A year ago, the rapid growth of the construction industry was being stalled by Covid restrictions and lockdown. Areas such as professional crane hire services Brisbane took a break for several weeks and not much happened for several consecutive months in 2020.
However, 2021 started in full force, with some of the factors accounting for the miraculous recovery being the beginning of a post-Covid era, grants, and interstate demand.
Cranes are again a common sight in the city’s skyline and services such as crane truck hire Brisbane are currently in high demand. Mid-rise developments driven by Sydney and Melbourne’s investment account for much of the current construction boom. Apartments are being bought with future owners barely bothering to see them, and Queen’s Wharf is projected as Brisbane’s future largest entertainment district.
A new chapter is presently being written for Queensland.
Economy experts have identified four driving factors for the construction boom in Queensland:
- Lower interest rates
Real estate is more affordable in 2021 not because properties are selling at lower prices, but because interest on mortgage rates is declining. This has had a positive impact on younger generations’ purchasing power.
- Relaxed lending limits
Access to housing loans is easier due to the initiative of the Australian Prudential Regulation Authority (APRA) group. The role of this government institution is to safeguard Australia’s financial industry; it regulates insurance institutions, fund management, credit union, and mortgage to prevent financial crises.
- Economic growth
The state’s mining investments in the Brisbane area are now reaping benefits. They have opened multiple new job opportunities and attracted more money into the city’s economy. The steady economic growth makes housing more affordable to Australian citizens.
- The Coalition Win in the 2019 elections
The Coalition advocated for more business- and investor-friendly policies, such as the First Home Deposit Scheme, aimed at younger savers. This scheme helps buyers by eliminating lenders mortgage insurance and other penalties.
How Brisbane Measures up to the Rest of Australia
So, we have seen that Queensland, including Brisbane, is a more exciting spot on the map of the construction industry compared to other regions in Australia. How does Brisbane exactly differ compared to the rest of Australia?
Unlike other areas in Australia, Queensland benefits from a robust pre-exis
ting pipeline of major projects, which has contributed to the intense construction activity in 2021. Some of the major projects that had started before the pandemic are Queen’s Wharf, the Cross River Rail station developments, 360 Queens Street Office Tower, and Logan and Caboolture Hospital redevelopments.
Steel fabricators Brisbane are in high demand, but so are Brisbane scissor lift hire services and mobile welding Brisbane. Without modern solutions such as automation, modularisation, and prefabrication, Queensland’s building sector would not be so flexible and competitive.
What this Means for Structural Steel Fabrication Brisbane Companies like Rankin Steel & Rigging
2021 is a busy year for construction companies and steel fabricators such as Ranking Steel & Rigging. Based in Arundel, Gold Coast, this professional crane hire services company is dealing with a constant demand for equipment such as crane and Brisbane scissor lift hire. In April 2021, there were 71 active cranes in the Brisbane area, according to the River Levett Bucknall’s Q1 Crane Index. The number of cranes added contributed to the largest increase in Brisbane’s crane numbers since the inception of the index, seven years ago.
In other words, more cranes are needed because they make projects more efficient. Companies hiring cranes often provide skilled workers, such as on-site welders. Rankin Steel & Rigging, for instance, provides a wide range of services, including equipment hire, labour hire, and licensed riggers and dogmen.
Why Hiring Equipment is a Great Option
Hiring equipment like crane or scissor lift is a better option than owning it for multiple reasons:
- Not needing to provide your own trained and experienced crane operators;
- Avoiding huge upfront buying costs;
- Not having to handle equipment maintenance and repairs;
- The crane rental company is fully insured;
- Benefiting from the latest technology;
- Suitable for lower frequency of use.
How Rankin can Help you Meet Demand
The growth of Queensland’s construction sector is a good thing for the Australian economy, but this phenomenon does not come without some challenges. There is an intense pressure on supply chains and construction delays are common. Many Australians waiting for their first home to be built are told that operations are delayed due to trade and raw materials shortages, with events such as storms adding more insult to the injury.
The pressure on builders to meet demand means that they need reliable companies like Rankin Steel & Rigging. Constructors and developers need companies like ours that offer a wide array of services, offering a one-stop-shop approach.
Rankin Steel & Rigging specialises in Structural Steel Fabrication Brisbane and crane hire, but also provides other vital services to assist in efficient and effective completion of jobs: steel erection, truck hire, hot dip galvanising, labour hire, onsite welding, and pre-cast panel erection.
Contact us today for additional information and pricing!