Commonwealth Securities, also known as CommSec, is Australia's largest discount stockbroking firm operated by the Commonwealth Bank of Australia. CommSec produce rankings report each quarter on all Australian state and territory economies called “State of the States.”
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Each jurisdiction is ranked based on current economic activity compared to decade-average levels. The report does not identify or rank the best performing economies, instead, ranks performance by levels of improvement, about their respective 10-year average for each indicator.
The report released in April 2017 measures economic performance by analysing the following eight key areas: economic growth; retail spending; business investment; unemployment; construction work done; population growth; housing finance and dwelling commencements.
In four of the states and territories, residential, commercial and engineering work completed was higher than decade averages in the December quarter. How does your state compare when it comes to new construction work carried out?
1. Northern Territory | 30%The top performer for new construction work done is the Northern Territory, with an increase in activity by 30 per cent above its decade average. However, construction work done was down compared to the same quarter, the year before, by 15.5 per cent.
2. New South Wales | 20.4%
Construction up by 20.4 per cent compared the decade average.
3. Victoria | 17.5%
4. ACT | 12.6%
5. tasmania | =
Construction broadly in line with the decade average in Tasmania.
6. South Australia | 7.9%
Construction was 7.9 per cent below the decade average.
7. Queensland | 18.1%
8. Western Australia | 32%
New South Wales retains the overall number one position as the best-performing economy, leading the way for business investment, retail trade and dwelling starts.
The number one spot may change, as the report indicates that they will face competition from Victoria or the ACT in the next twelve months. ACT’s economic momentum, population growth, low unemployment and substantial residential and engineering work may help it take the first spot. Learn more about the latest construction projects in Victoria.
Victoria is expected to be close behind, with its leading population and employment growth. Learn more about the highest paying jobs as engineer, builder or architect here.
Looking to hire? Choose a recruitment partner like Design and Construct.
The need for skilled workers in the residential, commercial and engineering construction sectors is projected to continue. We can help your company meet this future demand by giving you access to skilled workers within Australia.
CommSec, State of the States. (2017). Retrieved April 24, 2017 from https://www.commsec.com.au/stateofstates
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