Unemployment drop in NSW encourages State s largest industry

Unemployment drop in NSW encourages State’s largest industry The State’s largest industry has welcomed the latest jobs data for NSW, which suggests strong housing construction continues to underpin the economy. The Property Council said the fall in unemployment in October was a pleasing sign that our economy remains in good health. “The fall in unemployment is a positive – and it is matched by the fact NSW has the lowest rate among all the states,” NSW Executive Director Glenn Byres said. “We know property and housing construction underpin the NSW economy, generating more than 10 percent of state growth and over 311,000 jobs. “A crucial part of NSW’s economic recovery has been the substantial lift in housing construction – delivering jobs and prosperity. “Other data released this week shows seven of Sydney’s top 10 construction hot spots are in Sydney’s west as the building booms spreads across our city. “Lower unemployment breeds confidence – boosting demand for new housing, retails sales and building up growth. “But we urge all governments to look at the next wave of reforms needed to sustain the momentum including more efficient taxes and simpler planning laws.”Media contact: Glenn Byres | M 0419 695 435 | E [email protected]