Victoria was the only state to record an increase in building activity in May, driven by a strong rise in residential building approvals, according to the latest Australian Bureau of Statistics (ABS) figures.
The ABS building approval figures for May 2016, released today, showed a 5.8 per cent rise in the value of total building approvals for the month.
The value of residential approvals in May increased by 12.1 per cent to $2.57 billion, up 6.3 per cent over the year.
Over that twelve month period to May 2016, Victoria had the second highest value of total building approvals and second highest number of dwelling unit approvals – contributing 29 per cent of Australia's total approvals.
This is particularly impressive given that Victoria has just over 25 per cent of the nation’s population.
The strong growth is consistent with the sharp turnaround experienced by the Victorian economy since the Andrews Labor Government came to office.
When the Labor Government came to office, Victoria had an unemployment rate of 6.6 per cent. It now sits at 5.8 per cent, with more than 120,000 new jobs created since November 2014, and full-time employment up by 85,200 during the same period.
Quotes attributable to Acting Treasurer Gavin Jennings
“Victoria’s building and construction industry remains strong, and continues to create jobs and help drive our state’s economy.”
“The reason we are leading the nation is because the Andrews Labor Government is focusing on strong financial management and making the right investments to support the economy and job creation.”
Quotes attributable to Acting Minister for Planning Wade Noonan
"Victoria's residential building approvals remain among the strongest in the country.”
"We're seeing a good mix of apartment sizes and detached housing which maintains liveability and housing affordability."
Reviewed 19 August 2020