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‘A very major correction’ under way as building industry faces crisis

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Builders are bracing for a major slump as they struggle with surging costs for raw materials, worker shortages and supply delays.

Westpac chief economist Bill Evans said “a very major correction” is under way in the building sector.

“If you want to think about the pressure that HomeBuilder has put on demand, Victoria has suffered more than any of the others,” Evans told a building industry breakfast on Thursday. “And now, of course, we are seeing a very major correction.” “We’re completely up-to-date with all our trades, our suppliers, our employees, commissions,” Langfelder said. “We’re in a really strong, viable position.”, who had been facing mental health challenges, and speculation about serious cash flow issues for the building giant, which employs about 2500 people and has 4000 houses under construction.

Labor’s housing spokesman Jason Clare said the situation facing the building industry was “very serious”, with Metricon not the only builder facing input cost and supply chain chaos. Master Builders Association of Victoria chief Rebecca Casson reached out to those affected by Biasin’s death on Thursday morning, urging them to take care of their mental health.“Everyone in this room is under pressure. And it’s certainly taking a toll on lots of your mental health,” Casson said, noting that a suicide occurred every two days in the building and construction industry.

 

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