The Tasmanian Government’s priority is jobs and with the fastest growing economy in Australia, the State’s building and construction sector continues to go from strength to strength.
Engineering Construction data released by the ABS today shows that over the year to the September 2019 quarter of the value of such works in Tasmania was over $1.5 billion, representing an annual increase of 7.6 per cent, and a quarterly increase of 3 per cent, both the highest growth rates of any state or territory in the country in real trend terms.
Nationally, the real value of work done was estimated to have decreased by 10.3 per cent over the year, showing Tasmania has once again bucked the trend.
At the same time, Tasmania is the only jurisdiction to see annual growth in building work done over the year to September 2019 quarter, growing 0.5 per cent, while all other jurisdictions declined.
Tasmania also remains the strongest state in the country for dwelling completions, growing at 3.1 per cent over the year to September 2019, and the number of new residential houses completed being 4.3 per cent higher. In addition, the value of building work done grew by 7 per cent in the year to September, with the value of residential work done growing by 8.6 per cent.
Similarly, the value of residential building work commenced grew by 5.4 per cent in the year to September. This is good news and demonstrates that our housing supply continues to grow.
As a sign of further good news to come, recent ABS Building Approvals data showed that in the year to November 2019 there were 3 per cent more building approvals than the year before, with all other states or territories experiencing declines in building levels.
While we know there is still work to be done, these figures show Tasmania’s building and construction sector is continuing to move in the right direction.
Elise Archer, Minister for Building and Construction