NT boasts gains in the construction industry
The gains in the construction industry in Northern Territory has rebounded, recent figures from the Australian Bureau of Statistics reveal.
Data released yesterday (April 18) illustrates a substantial jump in building work in one of
Australia’s most lucrative mining states.
Climbing by 15 per cent in the December quarter, construction activity in the NT shines in comparison to the national average – which fell by 4.9 per cent in the same time period.
Treasurer Delia Lawrie was pleased with report, crediting the increase to confidence in the construction industry.
“While it is still early days, the gains in the construction industry is a good sign, that has turned the corner after a tough period,” she said.
Property investment in the region is likely to be encouraged by these numbers as commercial projects expand and demand for real estate goes up.
“Encouragingly, the rise reflected a 13.9 per cent increase in new home constructions, which means more Territorians are realising their home ownership dream in tough economic conditions,” added Ms Lawrie.
The announcement comes just after other good news for the Australian economic landscape – the International Monetary Fund (IMF) recently identified the nation as the economic outperformer of the advanced nations of the world.
Released this week (April 18), the IMF’s World Economic Outlook (WEO) forecasts Australia to grow by three per cent in 2012 and 3.5 per cent in 2013, outpacing all other industrialised countries around the globe.
Strong fundamentals including solid growth, strong public finances and contained inflation have been cited among reasons for the promising estimate.
Low unemployment levels around 5.2 per cent are also expected to continue over the next two years.
National and foreign investors may wish to capitalise on the positive conditions prevailing in Australia and the Northern Territory in particular.
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