Residential building activity drives jobs and economyABS Building Activity figures released today confirm that residential construction activity – up 12.4 per cent over the same quarter in 2013 – is a vital industry underpinning jobs and the economic growth in 2015.New residential building work increased by 2 per cent for the September quarter and follows other positive results this week across the property industry including continued high levels of national confidence and increased activity.Nick Proud, Executive Director of the Residential Development Council said, “Building Activity has experienced double digit growth across 2014, safeguarding a significant segment of the jobs market and supporting the economy in a time of real need.”The Property sector is a key source of jobs growth when we are seeing marked slowdowns elsewhere in the economy.”Sustained high levels of confidence, increased activity levels and the froth coming off recent peaks in the investment market are combining to provide a near perfect trifecta of positive indicators for the year ahead.”Today’s figures, combined with Lending Finance and Building Approvals data releases in the past week, show an industry that is constructing the highest number of homes on record with activity likely to continue at these levels in 2015.”The ANZ/Property Council Survey March 2015, also released today, shows forward work plans and staffing levels are expected to increase and are at 147 and 122 index points respectively over the next 12 months.”It is now time for a national dialogue on reforms that sustain activity through the second half of this decade for home affordability, jobs and the economy. “Concentrated and targeted national competition reform in 2015 on supply side efficiencies in land release, development assessment, and reform of inefficient taxes such as stamp duty are vital changes to sustain longevity in the current resilient levels of development activity and underpin the economy over the long term,” said Mr Proud.
Home Property Australia Residential building activity drives jobs and economy