26 November 2014
For the first time since 2007 NSW is ahead of Victoria and other states in the value of building construction completed, says the Urban Taskforce.
“For the last 7 years Victoria has been outperforming NSW on the value of building construction but the most recent figures from the ABS show NSW is now on top,” says Urban Taskforce CEO, Chris Johnson. “NSW looks less impressive on a per capita basis where Victoria is ahead as is Western Australia with Queensland at the same level as NSW.”
“Over the last 2 years NSW has risen dramatically in terms of total building construction from a quarterly figure of $4.5 billion to $6.4 billion.”
“While the residential value has been increasing each quarter, NSW is now level with Queensland at $505 per capita while Victoria is $650 and WA is $727. Both WA and Victoria however are trending down while NSW is steady.”
“The overall conclusion from today’s ABS figures is that NSW is rapidly improving from a low base in terms of building construction. The Urban Taskforce focusses on building construction as being an accurate measure of work undertaken. Building approval figures are also useful in measuring confidence but all approvals do not automatically translate to construction.
See graphs on next page based on ABS figures:
Graph showing total building value with NSW (blue) taking over from Victoria (red):
Graph showing the building value converted to per capita measures:
