Tasmanian building approvals and construction activity are through the roof with statistics indicating the boom with continue for the foreseeable future.
Commercially, $1.8 billion worth of commercial projects are under construction across the state and a further $2.8 billion are in the planning stages, Building and Construction Minister Guy Barnett said.
Mr Barnett said employment in the building and construction sector was at its highest ever level, with an average of 23,200 employed in the industry.
The government has set a target to increase the people employed in the building and construction sector by 25 per cent over the next five years and also grow by 40 per cent the number of apprentices by 2025.
“The latest ABS figures show that Tasmania has recorded the highest growth rate in the Nation in respect to new residential construction, with a 22 per cent increase in the value of new residential work done in the 2017-18 financial year, compared to the previous year,” Mr Barnett said.
“Not only is this the highest growth rate in the country, but it is also five times higher than the national growth rate of 4.4 per cent.”
Housing finance commitments in Tasmania grew for the seventh month in a row, the total number of building approvals was 27 per cent higher in June 2018 compared to the previous year, while dwelling commencements were nearly 10 times the national average.
“These results are fantastic, not just for the Building and Construction industry, but the entire Tasmanian economy,” he said.
“We have introduced our nation-leading and industry supported building reforms, which make it faster, fairer, simpler and cheaper to build in Tasmania. The independent Building Confidence report by Professor Peter Shergold AC and Ms Bronwyn Weir, released earlier this year, shows that Tasmania is well ahead of the rest of Australia in ensuring the level of regulatory oversight for building work matches the risk to public health and safety.”
The Housing Industry Association also has a positive outlook for Tasmania’s home building industry, forecasting a 4.8 per cent increase in new home starts during 2018-19.