Creating and Sustaining Jobs in the Construction Industry
A booming construction industry is often a clear sign of a country’s economic growth. If buildings and structures appear here and there, that means businesses and government agencies are investing more.
Also, increasing the number of construction projects is a fast way to create jobs. This has a ripple effect which can affect many markets and industries. Those who got the jobs will be able to spend the money in buying from other businesses. The suppliers will also benefit because they’re getting orders from project developers and engineers. Those suppliers also have their own suppliers (or other businesses that depend on them).
In other words, a booming construction industry has a huge ripple effect to a country’s economy. And often, that ripple creates other ripples that further drive the economy forward. It all started from the activities of the construction industry.
The Western Sydney Stadium project
An excellent recent example is the construction of the Western Sydney Stadium. It resulted to the creation of more than 2,000 jobs during and after construction. Not to mention the ripple effect wherein the workers were able to support other businesses in their daily living.
Aside from the major jobs boost, $60 million in contracts were awarded to local suppliers. This has a huge impact to the local businesses and the region as a whole. The money stayed local which means it still likely is revolving in the region. And as mentioned earlier, businesses often deal with other businesses to operate successfully. Imagine the huge ripple effects on all of NSW.
In addition, many local businesses and contractors will be busy with the design, demolition, actual construction and other important phases of the project. They can then use the money they earned from the project to finance business expansion and growth. They would then gain more capabilities to handle possibly bigger and more projects in the near future.
Creating and sustaining jobs in the construction industry
Often, a single construction project (especially if it’s a huge development) has cascading effects into the region’s economic growth. A major jobs boom is the first noticeable outcome of such project. Other outcomes relate to several business transactions that are taking place that further fuel the economy.
It’s just the beginning. Creating jobs in the construction industry may require participation from both the government and private sector. On the other hand, sustaining the jobs may also require input from the same participants (plus economic growth).
The ideal way to sustain the jobs is to safeguard economic growth while thinking in the long term. Economic growth should be sustained while still paving the way for the future generations to accomplish more especially in the construction industry.