Record housing investment and strong business and consumer spending have cemented NSW’s position as the nation’s strongest economy according to the latest National Accounts data published by the Australian Bureau of Statistics.
Treasurer Dominic Perrottet welcomed the data showing NSW posted the strongest State Final Demand (SFD) growth of all states through the year to the December quarter at 4.1 per cent – almost four times the pace of growth in the rest of Australia.
“The NSW economy continues to lead the nation, and the growth we are seeing is creating exciting opportunities for businesses and for the hardworking men and women of NSW.”
“With strong businesses and housing investment, the business community is showing huge confidence in our state’s future as they grow and create jobs for the future.”
NSW remains the strongest performing state for through the year growth in private business investment (up 5 per cent), with Victoria the next strongest next State (up 0.1 per cent).
Housing investment grew by 5.2 per cent in the December quarter to the highest level on record. Quarterly dwelling investment is now almost double what it was 5 years ago, registering its ninth straight quarterly increase for the first time since the late 1980s, and up 22.1 per cent through the year to the December quarter, the strongest of all states.
“The record levels of housing investment show our commitment to increase housing supply is delivering results.”
“We are also seeing some of the flow-on effects of that investment, with housing construction and investment supporting consumer spending on furnishings and household equipment.”
“This is what happens under a Liberal-National Government: with our $73 billion infrastructure program in full swing, NSW continues to be the best place to invest, to get a job and to run a business.”