Michael Ferguson,Minister for Finance and Minister for State Development, Construction and Housing
New ABS data released today on Construction Work Done in the September 2021 quarter shows that Tasmania continues to outperform the nation.
Construction work done in the September 2021 quarter was 19.9 per cent higher than the September quarter last year in real seasonally adjusted terms. This was the equal-fastest growth in the nation, as confident Tasmanians invest for the future, and our building and construction sector steps up and drives our recovery.
Building work completed in the year to September 2021 grew to just over $2 billion, 10.9 per cent higher than the year before, and the second highest growth in the country.
We know that the way to address affordability issues and get more Tasmanians into housing is to build more houses, and the Tasmanian Liberal Government is doing just that with an unprecedented $615 million investment into social and affordable housing and homelessness initiatives. This means that we will build an extra 2,000 new homes by 2027, on top of the 1,500 already being built over the next three years, bringing the total to 3,500 new homes by 2027 to help our most vulnerable.
At the height of the pandemic, when things were most uncertain, we knew it was the Government’s role to step in and invest. And that’s exactly what we did, to not only support aggregate demand, but to deliver productive infrastructure, ready for when the world reopens and our economy roars back to life.
Demonstrating our plan in action, engineering construction work in the year to the September quarter, was over $1.7 billion, a state-leading 17.5 per cent higher than the year before.
These results follow ABS data last week that confirmed Tasmania’s economic growth in 2020-21 was the second-highest in the nation, and recent news that both Moody’s and S&P have maintained the State’s credit ratings with a stable outlook, which is yet another positive endorsement of the Government’s economic and fiscal management.
The Tasmanian Liberal Government will continue to support our building and construction sector, and the houses and infrastructure it delivers, as we work to secure our future.
