PR Newswire
30 Jul 2023, 19:31 GMT+10
Kennards Hire's annual 'Construction Confidence Check' shows majority (83%) of Australia's construction leaders view the industry as 'stable'
SYDNEY, July 31, 2023 /PRNewswire/ -- Today Kennards Hire, Australia's largest family-owned equipment hire company, has released its second annual 'Construction Confidence Check' survey results, revealing an interesting outlook of the industry.
According to the survey, the majority (83%) of construction business leaders surveyed view the industry as 'stable' and able to withstand pressures to continue growing. At the C-suite level, this number increases with almost 9 in 10 (87%) agreeing that the industry is 'stable'.
The 2023 Kennards Hire Construction Confidence Check* surveyed over 500 of Australia's business leaders in the construction industry with 20+ employees. The findings demonstrate how boardrooms are faring in the current environment, highlighting perceptions of small and large businesses operating in the industry.
"At Kennards Hire, we pride ourselves on our excellent customer service. The Construction Confidence Check allows us to stay attuned to the industry's outlook, ensuring we remain well-informed and can continue to use our expertise to help businesses navigate mounting pressures," said Tony Symons, General Manger Commercial at Kennards Hire.
Compared to last year's Construction Confidence Check, while overall confidence in Australia's construction industry has improved, this year's survey results indicate a sentiment shift based on business size and location.
"Australia's construction industry is resilient and adaptable, so it's no surprise that most business leaders are hopeful about the future. Based on our survey results and conversations with industry leaders, we know the difficulties experienced by some construction businesses does not define the entire sector. However, we also know that many are still feeling the impact of external factors. In fact, our survey shows that 56% of business leaders say rising costs of materials is their top issue impacting confidence in the industry, followed by skilled labour shortages (51%) and supply chain issues (45%)," said Symons.
To achieve stability and growth in the construction sector over the next five years, construction business leaders surveyed ranked solving the rising cost of materials (50%), skilled labour shortages (42%), the rising cost of equipment (40%) and supply chain issues (37%) in the top macro issues to solve for.
The 2023 Kennards Hire Construction Confidence Check survey also explored industry perceptions on ESG, revealing that:
"Now more than ever, the power of the circular economy is helping businesses cut costs. At Kennards Hire, we support construction business leaders find cost-savings whilst simultaneously improving ESG outcomes. By choosing to hire equipment instead of purchasing, businesses can reduce upfront costs, participate in the sharing economy, and have access to the latest technology without the burden of ownership," said Symons.
Notes to the editor:
1 The findings from the 2023 Kennards Hire Construction Confidence Check are the result of a survey conducted by YouGov from 19 - 28 May 2023. The sample comprised of 501 senior business leaders/ decision makers from construction businesses with 20+ employees in Australia.
2 n = 475
3 n = 204
About Kennards Hire:
Kennards Hire is an Australian family-owned and operated equipment hire company celebrating 75 years in business, with almost 200 sites and branches across Australia and New Zealand. Their diverse product range extends from general hire equipment for the home renovator and professional tradesperson to specialist equipment and heavy machinery used on some of the largest civil infrastructure and commercial construction projects in two countries. kennards.com.au
Get a daily dose of Singapore Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Singapore Star.
More InformationNEW YORK, New York - The head of the International Atomic Energy Agency (IAEA) says it is deeply concerning that Israel is carrying...
TEL AVIV, Israel - Israel has suffered casualties as Iran fights back from the Jewish state's unprecedented unilateral attacks which...
WEST JERUSALEM, Israel - The Israel Air Force has launched a pre-emptive Pearl Harbour style air raid over Iran, dropping bombs over...
NEW DELHI, India - The world is in shock following Thursday's devastating plane crash in India which has killed at least 290 people,...
WASHINGTON, D.C.: The United States has placed sanctions on two sons of jailed Mexican drug lord Joaquin El Chapo Guzman. These two...
LONDON, UK: Frederick Forsyth, the renowned British author behind The Day of the Jackal and numerous other bestselling thrillers, has...
LONDON, UK: Crude prices surged this week as investors welcomed fresh signs of progress in U.S.-China relations, lifting hopes of reduced...
NEW YORK CITY, New York: Investor confidence in U.S. markets is showing signs of strain as global funds redirect billions toward Europe...
TOKYO, Japan: Japan has a new top sumo wrestler — and he's Japanese. Onosato, who weighs 191 kilograms (421 pounds), has become a yokozuna,...
LAS VEGAS, Nevada: Khaby Lame, the most followed person on TikTok with millions of fans, has left the United States after being held...
NEW YORK, New York - U.S. stocks tumbled Friday as the world was thrown into turmoil by unprecedented attacks by Israel on Iran. ...
NEW YORK CITY, New York: Paramount Global is cutting 3.5 percent of its U.S. staff as part of another round of layoffs. The company...