Construction work slowing in New South Wales but growing in Victoria

The March 2018 quarterly construction figures from the Australian Bureau of Statistics indicate a slow-down in NSW while Victoria grows says the Urban Taskforce.

“The latest construction figures indicate a slowing rate of work in NSW particularly for non-residential work.” Says Urban Taskforce CEO Chris Johnson “When the figures are looked at on a per capita basis Victoria does seem to be building more than NSW. For total building in the March Quarter NSW construction was $1,145 per capita while Victoria spent $1,343 per person.”

“In terms of residential construction over the March Quarter the per capita figures are $785 per person in NSW and $878 per person in Victoria.”

“On non-residential construction over the March quarter NSW expenditure was $270 per capita compared to the Victorian per capita expenditure of $339.”

“While both states are strong in long term measurements it does appear that Victoria is pulling ahead in overall construction dollars on a per capita basis.”

“It will be important for the NSW government to continue the excellent residential construction of recent years into the future by ensuring a good pipeline of projects in the planning system. There are concerns in the Sydney apartment market of a slow-down in pre commitments for apartments that could have an impact on housing supply.”

See below the graph of Total Building Value per Capita based on ABS seasonally adjusted data for the March 2018 quarter.

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