Victoria's Property Construction Australia's Engine Room

Market Insights
8 years ago
1 minutes

Victoria's construction industry continues to power ahead with the latest figures from the Australian Bureau of Statistics (ABS) showing an 11 per cent increase in construction activity throughout the state in 2015.

This was the strongest growth in construction work done by any state in Australia and is great news for jobs. By comparison, as Victoria bounds ahead, the corresponding figure across Australia fell by 3.8 per cent.

Construction work, which comprises work done on total building and engineering construction, grew in Victoria by 1.1 per cent over the December quarter.

“What these figures tell us is that Victoria is fast emerging as the engine room of construction activity across Australia," said Treasurer Tim Pallas,"and where there is construction growth, there are jobs and robust economic activity.”

“The Andrews Labor Government is committed to continuing this trend with one of the biggest infrastructure programs in the State's history. In the medium-term, we are committed to $22 billion worth of infrastructure, growing the economy further and creating more jobs.” 

This was again the strongest result of any state and a reflection of Victoria's increasing economic momentum.

Victorian total building work grew by 1.6 per cent over the quarter and by 12.0 per cent in 2015 - well above the national average of 8.0 per cent.

Victorian growth in engineering construction over the year of 11.0 per cent was also in stark contrast to a national fall in activity of 14.7 per cent.

This is the latest in string of economic indicators that reinforce the underlying strength of the Victorian economy, as well as the returning confidence to the labour market.

Since the Andrews Labor Government was elected, Victoria has created 68,700 new jobs, and the number of unemployed Victorians has dropped by 9,200.