Victoria’s construction sector leads a strong economy

VICTORIA’s building industry is among the strongest in the nation, with the State Government’s citing sound financial management is creating jobs and ensuring the state’s economy continues to grow.

Data released by the Australian Bureau of Statistics shows the value of Victorian building approvals for the year to November 2018 was worth $39.5 billion.

For the month of November alone, the value of Victorian building approvals increased by 8.2 per cent to $3.49 billion.

Non-residential building approvals were particularly strong, up 27.1 per cent to $1.4 billion – 14.6 per cent higher than a year ago.

Victoria’s residential building sector also continues to be among the nation’s strongest performers, recording the highest value of building approvals in November 2018.

Treasurer Tim Pallas said that these results show Victoria’s building sector continues to benefit from the State Government’s record investment in infrastructure and sound economic management.

“Nearly 427,000 jobs have been created across the state during the Labor Government’s first term – with almost 300,000 of them full-time,” Mr Pallas said.

“These strong results mean real benefits for Victorians, through the creation of more jobs and the building of critical infrastructure such as hospitals and schools to support our growing population. While the nation struggles to generate economic momentum, the Andrews Labor Government’s economic growth continues to go from strength to strength, creating jobs and delivering the infrastructure Victorians need.”