Impacts of COVID-19 Pandemic on Construction Costs in Australia

Syed Rizvi (), Augustine Senanu Komla Kukah (), Xiaohua Jin () and Srinath Perera ()
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Syed Rizvi: Western Sydney University
Augustine Senanu Komla Kukah: Western Sydney University
Xiaohua Jin: Western Sydney University
Srinath Perera: Western Sydney University

Chapter Chapter 35 in Proceedings of the 28th International Symposium on Advancement of Construction Management and Real Estate, 2024, pp 505-516 from Springer

Abstract: Abstract The emergence of Corona Virus Disease 2019 (COVID-19) pandemic has conclusively impacted global economies. This study conducted a systematic literature review to assess the impact of COVID-19 pandemic on construction costs in Australia. Upon the review of multiple sources, it was conclusively found that construction costs had blown out of proportion and many Australian projects were struggling. From the findings, many Australian construction businesses to be operating at a loss, major companies falling to the rising costs with many more liquidations to occur in the coming months, and the shortage of skilled construction professionals anticipated to be felt throughout till 2025. Despite these findings, future research can also be conducted into two areas to foresee if the costs that continue to rise are purely due to the COVID-19 pandemic or not. This can be done by assessing if the Ukraine and Russian war post pandemic has played a role in these costs and how the Australian weather through the last 12–24 months has impacted the progress on construction job sites.

Keywords: COVID-19; Impact; Construction costs; Australia (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/978-981-97-1949-5_35

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