Strong Building Approvals In Victoria

Victoria’s jobs and construction work continues to grow, with the latest industry data confirming Victoria is one of the two leading states in Australia for building approvals.


The latest Australian Bureau of Statistics (ABS) data shows the total value of Victorian building approvals increased 1.9 per cent to $3.59 billion in October 2017, and is up an impressive 67.2 per cent this year.


Victoria has achieved the second biggest annual increase among Australian states and far outstrips the national increase of 26.2 per cent during the same period – underling the Victorian economy, which is the fastest growing in the nation.


The value of residential building approvals rose 20.8 per cent in October 2017 – up 51.6 per cent compared to the same period in 2016. Both the monthly and annual growth were the highest among all mainland states in Australia.


Over the year to October 2017, the value of non-residential building approvals increased 104.1 per cent, the second largest growth among all mainland states.


The number of dwelling units approved rose 24.3 per cent in October 2017, and is up 50.3 per cent over the year. Victoria experienced the largest monthly and annual growth in dwelling units approved.


With Victoria returning to being the state with the highest number of dwelling approvals and with a line up of construction projects strengthening the state’s economy these latest results are more good news for job seekers. There is strong employment growth which is attracting migrants from both interstate and overseas and with this rising population there is continued demand for more houses. Therefore, a continued demand for skilled building and construction workers remains.


Sources: HIA, Get Industry Australia