More than 370,000 SME builders and tradies will be big winners as Aussie homeowners spend an expected $44 billion renovating their properties over the next five years.
“The vast majority of home renovations are done by the small building businesses which make up 98 per cent of our industry,” said Denita Wawn, CEO of Master Builders Australia.
“The latest forecast of building and construction activity predicts that the renovation sector will go from strength to strength and continue to build on the decade high $8.3 billion in activity seen in the last financial year,” Ms Wawn added. “Renovations is already a key source of work for small and medium-sized building firms.”
Ms Wawn said that the $8.3 billion in renovation activity achieved last year is only the beginning and small builders and tradies can expect an average $8.8 billion pipeline of work each year.
“The sector will be an important source of growth and jobs as the construction of new homes moderates from the historic high levels seen over the past few years.
“There is great news for builders outside the eastern states and in regional Australia. In fact we expect growth in renovation work to be strongest outside the Melbourne and Sydney markets – in South Australia, Western Australia, Queensland and regional Australia.
Young men and women looking for a great career will also be winners as this growth will support more well-paying jobs in the building trades,” Ms Wawn said.
“The ‘reno’ boom is going to be great news for communities in every city, town and region where this boom in activity will mean more than 32,000 Master Builders around the country will continue to boost local economies and create jobs.”