Residential construction activity in NSW has hit an all-time high in the latest sign of the State’s unprecedented rise in housing supply, today’s ABS data shows.
Real residential construction over the past year reached $19.4 billion – the highest level on record.
“This latest data shows the NSW Government is delivering on its promise to stimulate new housing,” NSW Treasurer Gladys Berejiklian said.
“When we came to office in 2011, NSW annual residential construction spending was just $12.4 billion and building approvals were below 35,000.
“NSW building approvals have more than doubled to over 70,000 and construction spending is now also responding.
“This residential construction boom will improve housing affordability and create more jobs across NSW.”
In the year to the June quarter 2016, total building (which includes residential and non-residential building) exceeded $30 billion in NSW for the first time.
Total construction work in NSW in the last year rose by 8.6 per cent over the previous year — the fastest rate of any state. For the rest of Australia, construction work done fell by 8.7 per cent.