The mining boom that provided huge employment opportunities for tradies in Western Australia is slowing down and this may have you worried about your future job prospects. After all, entering the mining industry has been a useful alternative for tradies over the past few years and it now seems to be increasingly difficult to get this kind of work.
Well, there is good news for tradies with home improvement projects in WA predicted to be on the rise which could see an increased demand for those working in this industry.
Home Renovations to Rise Dramatically
A recent article by PerthNow discusses that renovation costs are set to soar with the popularity of home improvement increasing significantly. The Masters Builders Association has predicted that the home renovation market in WA may increase as much as 27.1 percent in the next 12 months. This is a huge jump considering that over the last three years, the market has grown by 8.3 percent. The Masters Builders Association has also predicted a large increase in the value of renovation work from about $632 million to $804 million in 2014-15.
There are also concerns that there aren't enough tradies in the construction and building industry to keep up with this predicted increased demand. This could mean that tradies will find themselves with more work than they can manage. This sudden increase in the popularity of home improvement could be linked to a number of factors, most notably being the fact that renovations tend to work out cheaper than moving to a larger home due to the large stamp duty people are required to pay. This, coupled with lower interest rates, means people are in a better position to consider adding on that extra bedroom or bathroom.
However, with this increase in popularity in home renovation, clients may find themselves having to wait longer for work to be completed as tradies struggle to keep up and costs may also increase.
What Do You Think?
It can be difficult to predict a 'boom' but the evidence looks promising that there may soon be high demand for tradies working in the home improvement area.
Although it's nice to hear statistics, we'd really like to hear from you! Have you noticed an increase in demand for home improvement projects or do you think the predictions may be exaggerated?
Here at All Trades Cover, we specialise in providing insurance for tradies and can help you with the best insurance package for your business needs. Contact us on 1300 826 850 today or fill in easy only form for a quick quote.