$15 Billion Growing Modular Building Business
The Modular Building Institute predicts that nearly 10 per cent or around $15 billion of the total construction industry in Australia can be prefabricated within five years.
According to Minister for industry, science and technology Karen Andrews, the prefab sector currently represents 3-5 percent of Australia’s $150 billion construction industry, a share that could grow to 15 percent by 2025, creating 20,000 new Australian jobs and adding $30 billion to the country’s economy.
The Morrison Government has announced a new initiative designed to build momentum in the prefabricated building sector. Under the new initiative, the government will spend up to $2 million to kick-start a new collaborative lab, which will help manufacturers design innovative prefabricated buildings that are more eco-friendly and affordable, and can achieve quicker turnarounds.