The prefabricated building sector just got a major boost, as the Morrison Government has presented an initiative designed to benefit this segment of the building industry.

The government plans to pour up to $2 million into the creation of a new collaborative lab, in which manufacturers will design prefabricated buildings that are innovative, affordable, eco-friendly, and fast builds, according to Minister for industry, science and technology Karen Andrews.

The process of prefabricated modular building involves the building of modular offices and homes in a factory setting and the transport of these structures to a worksite for assembly. The building types to be constructed in this new prefab lab, intended to strengthen Australia’s position in the global prefabricated building market, will include everything from tiny homes to large-scale residences and offices.

Andrews believes that the prefab sector, which currently comprises 3-5 percent of Australia’s $150 billion construction industry, could expand to comprise 15 percent by the year 2025; with this move resulting in the creation of 20,000 new Australian jobs and the addition of a full $30 billion to the nation’s economy.

The Advanced Manufacturing Growth Centre will get up to $2 million to facilitate a feasibility study and a collaborative innovation lab.

Overall, the Morrison Government has committed to boost and indeed advance Australia’s advanced manufacturing sector, with the greater goal of improving the economy and creating 1.25 million new jobs over the next five years.