2020 has been a trying year for the construction industry with interruptions to building in a booming residential market.
Chairman of Hutchinson Builders, Scott Hutchinson recently commented that their earnings from this past year had been poor, despite a 7% revenue increase in June.
Scott Hutchinson went on to say that his company’s disappointing revenue was determined by a raise in costs and a drop in product efficiency due to COVID-19.
Hutchinson Builders’ headquarters are based in Brisbane and its combined value is over $35b.
Scott said to The Australian Financial Review, “Building sites haven’t shut down. The ones in Melbourne have been troublesome but workable. We haven’t got any large ones in Melbourne.”
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“We price a job and then we go out to let the contracts. Then in a falling market, it’s easier to let contracts,” said Scott.
These comments suggest that a slower market could work out to be better for builders with lower costs and high efficiency of sub contractors.
Hutchinson has been working on projects across the country, these include;
The Lincoln Square South student accommodation building for the University of Melbourne which is estimated to be worth over $100m.
The Howard Smith Wharves in Brisbane comprising of a 1,500 sq m entertainment space and hotel and valued at $130m and,
The Castle Residencies in Sydney, a 37 storey tower comprising 131 apartments and 121 five star hotel rooms valued at $170m.
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