The building and construction industry has taken a significant fall in the Covid-19 economy, decreasing 3.2% over 2020-21. This has caused the losses of many jobs in construction (42,000) mostly in Victoria, New South Wales and Queensland.
Sectors that have been directly affected by lockdown measures have been impacted; building work in Accommodation, Entertainment and Recreation, Retail trade, Education and Health and Aged care is forecasted to continue to fall in 2020-21.
At a time of uncertainty and with many planned building projects on hold or deferred indefinitely, cash injection has never been more critical in this space.
In response, the building and construction industry has been identified as one of the key national priorities in the post-covid-19 economy recovery. As one of the key industry sectors that play an important role in Australia’s economy, societies and climate, the building construction (infrastructure) industry is a critical contributor in the recovery from the pandemic.
As governments across the nation navigate the series of crises facing Australia right now beyond the pandemic including drought, flood and bushfires, infrastructure-led stimulus packages, and recovery plans have been announced as re-prioritisation of projects and a greater focus on investments are expected to deliver economic benefits.
The business innovation and investment program (BIIP) welcomes new businesses, business ideas and business migrants that benefit the state economies in their post-Covid-19 recovery, with priority processing given to high quality applications specifically highlighting how they qualify in this climate. Construction, engineering, building works and infrastructure are equal priorities across all states as governments in all states and territories continue to seek investments to boost productivity, create jobs and rebuild their economies.
Sellanes Clark and Associates continue to diligently provide migration advisory, consulting and support for business migrants looking to start up, expand and pivot their businesses in Australia. For a confidential one-on-one assessment of business migration matters, please contact us using this form.