Building A Strong Economy And More Jobs In Victoria

New data shows the number of new homes being approved and built in Victoria continues to grow, supporting local jobs and a strong economy.

The latest figures from the Australian Bureau of Statistics (ABS) reveals building approvals and construction work completed in the past 12 months have continued their upward trend.

The total value of building approvals increased by 3.3 per cent to $3.29 billion in July 2017, and is up more than 20 per cent over the year.

During the 12 months to July 2017, Victoria had the second highest value of total building approvals and the second highest number of dwelling unit approvals in the nation.

The total value of Victoria’s building approvals was more than a third of the national total of $10.1 billion.

The value of non-residential building approvals also increased 2.8 per cent in the month, and is 77.2 per cent higher over the year. By comparison, the number of dwelling unit approvals nationally fell by 1.7 per cent in July.

In the quarter to June 2017, Victorian construction activity continued to climb with the total value of construction work completed increasing by $212 million. Engineering construction work in Victoria also increased to $264 million during the year.

Since November 2014, there have been almost a quarter of a million jobs created in Victoria – the majority of which are full time – more than any other state.

Quotes attributable to Treasurer Tim Pallas

“We’re creating an environment conducive to construction activity and building approvals – which grows our economy and creates jobs for Victorians.”

“We will continue to support economic growth and job creation through our record investment in health, transport, roads and education.”