South Australia has become a leader in residential construction, surpassing all other states in growth and development.
Recent data from the Australian Bureau of Statistics paints a vibrant picture of the state’s housing sector, where new housing initiatives are driving unprecedented progress.
“The Malinauskas Government has made housing a top priority. We’ve released the largest amount of residential land in the state’s history and abolished stamp duty for first home buyers building a home. These figures show it’s having an impact,” Treasurer, Stephen Mullighan, says.
“It’s another excellent result for SA which shows our economy is holding up in the face of significant economic headwinds.”
According to the released statistics, South Australia witnessed a remarkable surge in residential construction activity during the December quarter of 2023.
The sector experienced a robust growth of 7.5 percent, amounting to a staggering $1.1 billion in construction work, showcasing a notable 12 percent increase compared to the previous year.
The driving force behind this remarkable achievement is the substantial rise in new house constructions, which saw an impressive 12.9 percent jump—the highest growth rate nationwide. Conversely, while the rest of the country grappled with a 4.0 percent decline in this aspect, South Australia’s residential construction market soared.
The expansion extended beyond just houses, with other residential constructions such as units and apartments recording a nation-leading growth rate of 28.2 percent throughout the year.
This multifaceted growth indicates a robust and diversified housing market in South Australia, catering to various residential needs and preferences.
South Australia’s thriving construction sector extends beyond its economic impact.
The latest CommSec State of the States report ranked the state’s economy as the top-performer nationally, largely driven by the surge in dwelling starts and construction activities. This accolade underscores the pivotal role played by the housing sector in bolstering South Australia’s overall economic resilience and growth trajectory.
The flourishing construction industry has had a tangible impact on the state’s employment landscape.
South Australia secured the top spot for the lowest unemployment rate nationwide, currently standing at an impressive 4.0 percent—below the national average of 4.1 percent. This demonstrates how a buoyant construction sector not only fosters economic prosperity but also generates ample job opportunities, thereby enhancing overall socio-economic well-being.
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