It is a sign of the times, says Michael Vaughn, CEO of the construction industry trade body Construction Industry Association of Australia.
Construction industry jobs will disappear from the economy by 2020 and even after that, the industry will continue to decline, he said.
He said the industry was in dire straits.
Mr Vaughne said the number of jobs in the industry would decline by half by 2020.
The number of workers in the construction sector is expected to grow by 6.5 per cent this financial year, which is slower than the overall growth of about 11 per cent, but faster than the growth in the private sector.
He predicts that the construction boom will continue in Australia until the 2020s.
“It is a great industry for the future.
The construction industry is an important part of the economy.
But at the moment we are looking at a very uncertain future, and we are going to see construction industry jobs go,” Mr Vaugn said.
‘Crazy’ time to leave ‘Curious’ times Mr Vanc, the CEO of construction industry body Construction Insurance Institute, said people were concerned about their retirement savings.
He pointed out that more than half of people who are 65 years old do not have enough money to retire on.
“The construction industry, the manufacturing industry, is going to continue to deteriorate and that is going a long way to explaining the current downturn,” Mr Kiew said.
Construction Industry Australia said it had a strong track record of job creation and was well-positioned to continue that trend.
“This industry is extremely well-placed to continue its long-term trajectory and is fully staffed and fully trained,” Mr Gough said.
“However, the time is right for us to look beyond the construction downturn and look at what we can do to help the industry survive in the long term.”
He said building codes were in a precarious position, with building permits and construction permits being a “soft target” to make it easier to build.
“We are looking forward to the construction season and we know what we are doing and the level of preparation is the highest in the country, ” Mr Gould said.
Read more about construction industry: Mr Kiew also said the boom would continue even after the industry began to grow in the last decade.
“If you look at the number, the construction of buildings is going up by 30 per cent per annum,” he said, adding that building construction would rise from a total of about 5.6 million to 6.3 million by the end of 2020.
“That’s not a bad number at all, but that’s just going to get better and better, ” he said