Read our latest Industry Snapshot
Posted on Feb 15, 2023
Last year we faced some economic challenges which are likely to continue in the first half of 2023.
The Reserve Bank is continuing to increase the cash rate with the aim of getting inflation under control.
Inflation is currently sitting at 7.8%, the highest it has been since 1990.
Conditions are expected to improve in the second half of the year, and growth in our industry remains strong.
Despite the dual challenges of inflation and sharp cash rate uptick, the construction industry continues to be the engine room of the Victorian economy; it supports hundreds of thousands of workers and their families.
As your safety net, Incolink will continue to support our members as we prepare to weather any challenges ahead.
In this edition you can expect to find:
- Apprentices: nearly 57,000 apprentices commenced training in the last reporting period, an increase of 30% over the year earlier
- Industry confidence: Property industry confidence has dipped to 110 (from 132 mid last year) which can be attributed to the rise in interest rates. (Neutral Confidence = 100).
- Employment: 6.2% of the Victorian workforce are employed in the building and construction sector.
- Building activity: There was a 18.5% increase in dwelling approvals for December (seasonally adjusted), after a 7.8% increase in July.
Download the full report below.
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