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Impacts of COVID-19 Pandemic on Construction Costs in Australia

In: Proceedings of the 28th International Symposium on Advancement of Construction Management and Real Estate

Author

Listed:
  • Syed Rizvi

    (Western Sydney University)

  • Augustine Senanu Komla Kukah

    (Western Sydney University)

  • Xiaohua Jin

    (Western Sydney University)

  • Srinath Perera

    (Western Sydney University)

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.

Suggested Citation

  • Syed Rizvi & Augustine Senanu Komla Kukah & Xiaohua Jin & Srinath Perera, 2024. "Impacts of COVID-19 Pandemic on Construction Costs in Australia," Lecture Notes in Operations Research, in: Dezhi Li & Patrick X. W. Zou & Jingfeng Yuan & Qian Wang & Yi Peng (ed.), Proceedings of the 28th International Symposium on Advancement of Construction Management and Real Estate, chapter 0, pages 505-516, Springer.
    • Handle: RePEc:spr:lnopch:978-981-97-1949-5_35
    DOI: 10.1007/978-981-97-1949-5_35
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