Find out what industries are driving the Australian job market, and which sectors are ready for new businesses.
If your dream is to own your business, whether it is making people smile every morning with the lifeblood coffee is, or serving up pure decadence on a menu you constructed for your restaurant—
You might want to keep reading.
It’s not an easy decision to start your own business. There are many factors to consider, including what industry, expertise, finances, demand and location.
And this is only the tip of the iceberg. Throw in operations, management, employees, marketing and every other ‘hat’ necessary to the success of a business, and you’ll soon be wondering why you’re going grey.
If there was one area of research you should conduct, it would be to find out which industries are booming and set for exponential growth.
One way to see it is by looking at the growth of job’s ad data.
According to SEEK, the latest statistics reveal which Australian industries boomed from 2017 to 2018 based on the growth of job ad data, it was Mining, Resources and Energy at the top with 67.7% growth.
Within this sector, WA recorded the highest growth ever and brought home first place with 30.1%.
Now, we aren’t saying the first business venture you should explore is to open a mining company. But it does pay well to understand which sectors are booming, we’ll share a little more insight on this topic later on.
Anyway, here are 4 of Australia’s booming industries.
1. Trades and Services
Although the Mining, Resources and Energy sector claimed the throne for a brief period, it was actually Trades and Services that took home the Emmy for the most growth. But it’s only fair because with such a boom in the Mining sector, comes a tidal wave of demand for Trades and Services.
Thankfully, the government-run Industry Growth Centre Initiatives couldn’t have come at a better time. If you’re looking to start a small business, you might want to consider mining equipment, technology and services, as well as oil, gas and energy resources.
Industry applications include:
- Automotive trades
- Fitters, Turners & Machinists
- Welders & Boilermakers
- Leasing or selling power items (power supplies, generators, and safety equipment)
- Security Services
- Building Trades
2. Health Care, Medical and Social Assistance
The WA health sector is the third biggest contributor to the economy and it’s not hard to believe, especially as the population grows and ages. The health and social assistance industry in WA alone accounts for nearly 171,000 of all jobs in WA as of August 2018, more than any other state sector the state’s economy.
According to the Labour Market Information Portal, the expected growth in employment is more than 250,000 or 16.1% in five years, from 2017-2022. With exponential growth on the horizon, there’s never been a better time to get your medical degree or start a business.
There are also government initiatives providing strategic vision for those in medical technologies and pharmaceuticals.
Industry applications include:
- Ambulatory Health care services
- Nursing and residential care facilities
- Social assistance
- Spa or clinic business (massage therapy, acupuncture, etc.)
3. Industrial Infrastructure / Retail Trade
Industrial infrastructure investment boom to peak in 2020, with mentions to e-commerce, manufacturing, logistics and locations trending up, according to a report conducted by Centuria in 2019.
How many times have you decided to shop online instead of going into a retail store? E-commerce has had an immense role on changing traditional retailing forever. It has caused a declining demand for more conventional brick and mortar retail spaces.
As such, with an increasing demand for online retailing, comes a big demand for industrial infrastructure in which to store, pack and ship packages. The report found that online retail trade had increased by 31.3% over a year to February 2019, totalling to $18.2 billion, and this is just the beginning.
E-commerce is expected to create a demand for an additional 350,000 sqm of new industrial and logistics space in Australia leading up to peak in 2022. It’s only reasonable to think that if more consumers are shopping online, the need for same-day delivery is set to increase.
This means the need for fast, seamless and frictionless delivery increases the demand for better/more logistics and manufacturing, and hence contributing to the industrial infrastructure requirements.
So, is WA preparing itself for the future industrial infrastructure boom? Industrial Zoning. The City of Swan has already undertaken plans to implement three industrial zoning areas, which includes Light, General and Development.
The purpose of each zone is to provide sufficient industrial development on a scale, small to large, and to ensure development within the zone is complementary to development in other zones.
City zoning has also been implemented by the City of Swan, with a few selected suburbs already listed as key business areas in Perth.
If we take a look on a state-wide scale, work to incorporate another mining ‘boom’ is already underway thanks to the Department of Jobs, Tourism, Science and Innovation and Development WA. Strategic Industrial Areas (SIA) is an initiative to improve transportation of WA’s most abundant resources and connect sites to key infrastructures such as roads, rail and ports.
Industry applications include:
- Leasing or selling mining supplies, machinery, and safety equipment
- Security services
- Construction services
- Plumbing & electrical
- Concrete cutting
- Logistics, postal, courier, and delivery services
- Transportation: road, rail, water, air and space
- Warehousing and Storage service
Secure your business
With the industrial sector set to explode in the coming years, there’s going to be a huge increase in warehousing, storage facilities, and manufacturing factories. This prompts a need for better security, as insurance companies eyeball dollar signs during this expansion.
Better security in the form of high-quality industrial garage doors can help secure your property and bring your insurance premium down.
If you’re thinking about setting up shop in some of Perth’s key business areas, or within the industrial zones, make sure your products, equipment and machines are secured with a Gryphon Garage Door.
When it comes to protecting your business, you gotta get a Gryphon.