Population growth and construction continue to drive South Australia’s economy, which continues to outperform the eastern states.
The latest CommSec State of the States report, released today, shows SA’s economy is now ranked second in the nation. The result is a further improvement in SA’s ranking, up from third in the nation last quarter, and up from 5th at the last election.
The report shows South Australia is now rated strongest in the country on relative population growth. Our 1.40 per cent annual population growth rate is 46.9 per cent above the decade average for the year to September quarter 2022.
This builds on data released by the Australian Bureau of Statistics this month, which showed significant growth in some of Adelaide’s northern suburbs, as well as Mount Barker.
Once again, SA topped the State of the States report for construction work done, with current levels of work now 18.2 per cent above the decade average.
We earned second spot for equipment investment – a key economic indicator looking at real spending on new plant and equipment – currently up 18.1 per cent on the decade average.
The improvement in SA’s ranking is further evidence of a strong economy, with our best employment results in history a major contributor. Latest data from the ABS shows there are now 40,000 more South Australians in work than at the time of the state election in March 2022 – 35,000 of these are full time. A record 948,600 South Australians are in currently in work.
Treasurer Stephen Mullighan says that SA’s economy is going from strength to strength.
“Our construction sector continues to punch above its weight, which creates and sustains jobs, and critically grows our housing supply.”
“Our “A Better Housing Future” plan includes building hundreds of additional public homes for those in need, and fast tracking what will be the single largest release of residential land in the state’s history – set to deliver at least 23,700 more homes for South Australians.”
“This is vitally important as our population grows.”
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