Construction surges as Victoria bucks national trend
Victoria is officially Australia’s construction engine room with a $939 million (9.8 per cent) spike in activity in the year to June 2016.
In contrast, activity throughout the nation fell by 10.6 per cent during the same period.
Resource rich Western Australia dropped 39.5 per cent, followed by Queensland down 6 per cent and Tasmania falling 4.2 per cent in the same period.
The latest construction figures released by the Australia Bureau of Statistics today show Victoria’s surge in construction growth gained significant momentum in the June quarter with a rise of 5.2 per cent, following a March increase of 1.4 per cent.
Nationally, there was a 3.7 per cent drop for the quarter.
The data released 24 August 2016 confirms four consecutive quarterly increases in construction activity in Victoria.
The strong figures were driven by detached residential housing and engineering construction, fuelled by the State’s extraordinary population growth and the Andrews Labor Government’s strong infrastructure pipeline.
Today’s data is consistent with other key economic indicators such as jobs growth, consumer and business confidence all painting a picture of an economy that is growing strongly and generating jobs.
Since the Labor Government was elected in November 2014, there have been 150,400 new jobs created, with full-time employment up by 111,900 over the same period.
Quotes attributable to Treasurer Tim Pallas
"Victoria continues to lead the nation – with population growth, employment, construction activity and economic indicators all reinforcing the work of the Andrews Labor Government delivering economic growing infrastructure."
"These figures reaffirm the demand across the state for commercial, public, and residential infrastructure to cater for Victoria’s increasing popularity as Australia’s destination state and the place to do business."
Have your say...
The approval of your comment is at the discretion of this article's publisher. Write your comment with the following in mind to ensure the highest likelihood of it being approved:
- No promotional undertones
- No use of profanity
- Good spelling, grammar and layout
- Check punctuation, language and missing words
- No use of aggression
- No unsubstantiated claims
We reserve the right to remove comments at our discretion.
Your name is used alongside Comments.