Today the ABS has again confirmed the strong performance of Tasmanian’s building and construction sector, with nation leading results in Building Activity and Engineering Construction Activity statistics for the September 2018 quarter.
The number of dwelling units completed in the September 2018 quarter grew by 8.8 per cent in trend terms, and by 37.8 per cent compared to the same period one year earlier. These growth rates were the highest in the nation, and demonstrate buoyant confidence in the building and construction sector, and the Tasmanian economy more broadly.
In the year to September 2018, 2505 new dwelling units were completed, providing a big boost to Tasmania’s housing supply. At the same time, the number of building commencements in the year to September 2018 grew 27.2 per cent compared to the previous year, which was the fastest growth rate in the country.
This positive growth hasn’t happened by accident – we have been working diligently to ensure we have the right conditions in place to stimulate more construction to cater for Tasmania’s housing needs. This includes our first home builders incentive, progressing our Affordable Housing Strategy, and releasing surplus Government owned land around the state for housing developments.
We have been working to ensure we have the right people with the necessary skills to undertake this work, and the Government has set a target to increase the number of Tasmanians working in the Building and Construction industry by 25 per cent over five years.
The ABS today also released engineering construction activity data for the September quarter 2018. The data confirms that engineering construction activity remains buoyant in Tasmania, with the value of work done increasing by 13.1 per cent in trend terms over the year to the September 2018 quarter, more than double the national growth rate.
Importantly, it is anticipated this growth is set to continue, with a 59 per cent increase in the value of work commenced in the year to September and a near-doubling in the estimated value of work yet to be done compared to a year ago.
This is fantastic news for our building and construction sector, and Tasmanians who will benefit from more homes and better infrastructure being built across the State.