$4.3 Billion Net Benefits for Consumers: the Result of a Better Building Industry

In the latest report from the Centre for International Economics, a huge increase in financial benefits, alongside quality assurance, will be the result of the implementation of better building practices.

Over the next ten years, consumers will receive over $4.3 billion in net benefits due to the increased quality and longevity of newly built residential and commercial buildings. This comes after the recommended change implementations by the 2018 Building Confidence Report.

The changes cover areas such as building practitioner registration and training, roles and responsibilities of regulators and authorities, the integrity of private building surveyors, information sharing and intelligence, documentation and record-keeping, inspections regimes, post-construction information management and building product safety.

Although initial costs would be increased within the industry for things like training, inspection and registration, the longevity of the projects and the assurance of quality will save Billions in the long run.