Construction Industry Confidence Plummets Amid Government Work Shortage in New Zealand
New Zealand: The construction industry is losing confidence due to a lack of a clear pipeline of government work in the near future, according to the 2024 Construction Industry Survey by Teletrac Navman, commissioned by Civil Contractors. Only one in five contractors expressed confidence in the industry's outlook, a sharp decline from the previous year. The survey also noted rising compliance costs and project cost overruns, with 71 percent of businesses affected by increased temporary traffic management and health and safety protocols.
The survey revealed that only 39 percent of businesses expect staff growth in 2024, a significant drop from 54 percent in 2023, with 12 percent anticipating staff cuts. Pollard warned that without timely intervention, the industry could face further restructuring and job losses.
Source: RNZ