Victoria’s Construction Sector Leads A Strong Economy
Victoria’s building industry is among the strongest in the nation.
Data released January 9th 2019, 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.
Today’s results show Victoria’s building sector continues to benefit from the Labor 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.
“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.”Acting Premier and Treasurer Tim Pallas