Construction Industry September Quarter 2018 Up 8.5 % On Previous Year

Construction Industry September Quarter 2018 Up 8.5 % On Previous Year

New South Wales Treasurer Dominic Perrottet

Engineering The Future Of New South Wales

VictorP Taffa

New South Wales Treasurer Dominic Perrottet has welcomed new figures from the ABS which show the construction industry in New South Wales is booming.

Construction Work Done for the September Quarter 2018 shows an increase of 2.2 % up 8.5 % from the previous year, with engineering construction up more than 11 %.

ABS says that New South Wales has also experienced the fastest growth in private capital expenditure among the mainland states over the past year, increasing by 13.1 %.

Next best over that period was Victoria, recording 6.9 %.

ABS capital expenditure data measures the total amount the private sector has invested in equipment, factories and other buildings.

New South Wales capital expenditure reached $8.3 Billion in real terms for the September quarter, this is a record high and marks the 6th consecutive quarter in which New South Wales has recorded the highest capex in the nation.

Next highest state was Western Australia, which recorded quarterly capex of $6.3 Billion followed closely by Queensland on $6.2 Billion.

Treasurer Perrottet said the figures were a ringing endorsement of the New South Wales Liberals and Nationals Government’s asset recycling strategy and business friendly policies.

“Our State is in the middle of a once-in-a-generation construction boom.” Treasurer Perrottet said.

“From coast to coast, north to south, metro to regions New South Wales is being rebuilt from the ground up. There has never been more construction since the days of Governor Lachlan Macquarie.”

Governor Lachlan Macquarie was 5th Governor of New South Wales serving from 1 January 1810-30 November 1821.

“Our asset recycling approach has helped boost public investment and employment growth, while our efforts to lower taxes and cut red tape has given business the confidence to grow and invest this is why more than half a million jobs have been added since 2011.”

“Behind these figures are thousands of jobs, which means people can get ahead, families have security and communities can grow.” Treasurer Perrottet said.

ABS also found:

  • Residential Building Work Done grew 0.8 % in the quarter, led by Alterations &Additions (5.7 %) and with minor contributions from New building (0.2 %)
  • Non-residential continues to grow, up 3.7 % in the quarter, bolstered by strong Private growth of 7.6 %).
  • Engineering construction work done grew 2.9 % in the quarter, up an impressive 11.3 % from this time last year.

Treasurer Perrottet said the biggest threat to the construction industry New South Wales economy was a Labor government.

“New South Wales Labor party is currently campaigning on a platform of cancelling infrastructure projects, taking us back to 2011. This is exactly what they did last time and will destroy thousands of jobs and devastate business confidence.”

“Figures don’t lie nothing was being constructed in the Labor years and the data now proves it.”

“New South Wales simply can’t afford Labor.” Treasurer Perrottet said.

Abbreviations:

ABS                Australian Bureau of Statistics