The NSW construction sector is poised to hit historic highs, but only if it can find many more workers to complete the job.
Subscribe now for unlimited access.
or signup to continue reading
A report commissioned by a national industry body found the sector would produce construction worth $79.2 billion by the end of 2024, up from the record $75.5 billion in 2019.
But research agency The Insight Centre found an extra 150,000 construction workers will be needed in the next 15 years to meet the demands of an industry that has a huge role to play in delivering the homes needed to curb a housing crisis.
NSW must build 377,000 extra properties in the coming five years as part of its contribution to a nationally agreed target of 1.2 million new homes.
The report findings came as the state government on Tuesday revealed plans for a potential 30,000 additional homes in rezoned areas around train stations.
The latest sites to be targeted under the flagship transport-oriented development scheme are Homebush in Sydney's west, Bankstown in the city's southwest and Crows Nest in the north.
"These additional three precincts will help to deliver more well-located homes, close to transport and amenities, that are also close to new job opportunities ... placing good homes and jobs at their core," Planning Minister Paul Scully said.
Up to 10 per cent of the homes are to be set aside for affordable housing run by community providers in Bankstown and Homebush, where the bulk of the extra planned properties will be built.
The precincts will be subject to different planning rules with a focus on construction being launched quickly.
Another 30,000 homes could be built under previously detailed rezoning plans for three areas in Sydney's north and northwest.
The Insight Centre report, produced for industry redundancy fund Incolink, noted 300,000 workers were already employed in the construction sector in NSW - a figure likely to rise to 450,000 in the next 15 years.
By 2040, the total value of work is set to soar to a massive $114 billion, before inflation, growth largely attributed to the rise in home-building.
High redundancy rates, skills shortages and large mental health-related absenteeism would need to be tackled to build the required workforce, the report found.
Incolink said there were major roadblocks stopping NSW from capitalising on the benefits of the forecast boom.
"NSW is about to experience perhaps the single biggest construction industry boom in a generation," chief executive Erik Locke said.
"Getting better support to these workers to address the financial and wellbeing challenges should be a major priority to keep workers in the sector."
The Master Builders Association has warned Australia's wider building and construction sector will need 500,000 extra workers to maintain business as usual, with more required to hit national housing targets.
Australian Associated Press
