Today’s CommSec State of the States report shows Victoria leading the nation in construction work, just days after the Australian Bureau of Statistics confirmed more jobs had been created in Victoria during the past year than any other state.
The October CommSec report shows construction work in Victoria was 25.3 per cent above its decade average and more than 10 per cent higher than a year ago – the strongest growth in Victoria in seven-and-a-half years.
Home building starts alone were nearly 20 per cent above decade average levels.
The report said Victorian retail trade and housing finance were also robust, with spending more than 15 per cent above the ten year average.
In annual terms, the growth of Victoria’s real retail trade was the strongest in Australia – up 3.2 per cent in the 12 months to October 2017.
The CommSec State of the States report assesses each state and territory economy on eight key indicators: economic growth, retail spending, business investment, unemployment, construction work, population growth, housing finance and dwelling commencements.
Victoria is the only state or territory in Australia who’s growth rate exceeds the national average on all eight indicators.
Meanwhile, the latest data from the Deloitte Access Economic (DAE) Business Outlook report confirms a positive outlook for Victoria.
The DAE report forecasts that household consumption, business investment, dwelling investment and the Andrews Labor Government's infrastructure investment will all contribute to growth in 2017-18.
DAE also forecasts solid business investment growth in the next two years led by private engineering, commercial construction and equipment investment.
Private engineering and commercial construction are forecast to grow by 18.2 per cent in 2017-18, and 12.3 per cent in 2018-19, led by growth in the infrastructure and office, education and health sectors.
Quotes attributable to Treasurer Tim Pallas
“This data confirms yet again that Victoria’s economy is in good hands – growing strongly and creating jobs.”
“Household consumption, business investment, dwelling investment and the Labor Government's record infrastructure investment are all solid contributors to Victoria’s economic resurgence.”
“Construction in Victoria is the strongest it’s been in seven-and- a-half years. The Andrews Labor Government has worked tirelessly to restore Victoria to its rightful place as Australia’s economic powerhouse.”
Reviewed 19 August 2020