Victoria has recorded the strongest monthly growth in the value of building approvals across the nation according to Australian Bureau of Statistics data released today.
One of only two states to record positive growth, Victoria’s building approvals rose by 5.5 per cent to $2.93 billion in the month of August.
While the value of Victoria’s approvals increased, nationally, the total value of building approvals fell by 7.7 per cent to $9.11 billion – driven by a decrease in the value of non-residential approvals.
During the 12 months to August, Victoria recorded a 28 per cent increase – compared with the national increase of only 4.4 per cent.
Victoria has contributed to 29 per cent of Australia’s total dwelling unit approvals during the same period, well above its population share.
The building approvals generation comes as the Victorian economy continues to surge, leading the nation in economic and jobs growth.
Since the Labor Government was elected in November 2014, more than 176,000 new Victorian jobs have been created – with about 117,000 of those full time.
Quotes attributable to Acting Treasurer Robin Scott
“Victoria’s strong and disciplined financial management continues to drive our economy, boosting opportunities across our great state.”
“Our powerhouse economy is leading the nation, with population growth, employment and construction activity all reflecting the ongoing work of the Andrews Labor Government.”
Reviewed 19 August 2020