Building Approvals Surge As Victorian Economy Booms
The strength of Victoria’s jobs and construction growth continues, with the latest data confirming Victoria is one of the two leading Australian states for building approvals.
Australian Bureau of Statistics (ABS) data released today shows the total value of Victorian building approvals increased 1.9 per cent to $3.59 billion in October 2017, and is up an impressive 67.2 per cent over the year.
The strong results are more good news for job seekers with Victoria’s long line of construction projects bolstering the state’s economy and confidence.
Victoria achieved the second biggest annual increase among Australian states and far outstrips the national increase of 26.2 per cent during the same period – underlining the overall strength of the Victorian economy, which is the fastest growing in the nation.
The value of residential building approvals rose 20.8 per cent in October – up 51.6 per cent compared to the same period last year. Both the monthly and annual growth were the highest among all mainland states.
Over the year to October, the value of non-residential building approvals increased 104.1 per cent, the second largest growth among all mainland states.
The number of dwelling units approved rose 24.3 per cent in October, and is up 50.3 per cent over the year. Victoria experienced the largest monthly and annual growth in dwelling units approved.
This means Victoria has once again returned to being the state with the highest number of dwelling approvals.
Meanwhile, the latest capital expenditure figures show private companies are continuing to invest in Victoria.
Victorian new private capital expenditure rose 1.3 per cent in the September quarter 2017, and 7.1 per cent over the year.
The quarterly and annual results were the second highest among the mainland states.
The Victorian increase in the quarter was balanced between expenditure on buildings and structures (1.5 per cent) and machinery and equipment (1.3 per cent).
Quotes attributable to Treasurer Tim Pallas
“Today’s figures are a further endorsement of Victoria’s bustling building industry, with more homes being built than the rest of the nation.”
“Victoria’s long pipeline of infrastructure and construction activity continues to drive our economic momentum, which is creating jobs and opportunities for Victorians.”