Construction Industry to Drive ACT Economy
19 May 2017
Master Builders ACT says next month’s ACT budget could boost the ACT to top spot in the rankings of Australian economies.
April’s release of the CommSec State of the States Report ranked ACT as the second best performing economy in Australia sighting housing finance as a strength and the level of construction work as a negative.
Master Builders ACT has welcomed the government's unprecedented investment in light rail stage 1 which will inject close to $1 billion of civil construction, engineering and transport infrastructure investment into the Territory’s economy.
The commitment to ensure local teams are involved in the project has significant flow on benefits to our economy - potentially for many years to come.
Add to this the health and education infrastructure promised in the lead up to the October election, the $43 million roads package already announced, and the $1 million commitment to increase participation by women and mature age workers in the construction industry, the ACT construction industry is poised to propel the ACT to top spot in the rankings of Australian economies.
Master Builders ACT Executive Director Kirk Coningham said “the construction industry is looking to the ACT budget to map out a four year program of health, education, social and transport infrastructure investment, so local industry can gear up to deliver.”
Master Builders ACT is also hoping the four year land release program tips the balance of land supply back to single housing from apartments. ABS building approval figures show approvals for single houses at record lows, while demand for single housing and townhouses is at a high, leading to unsustainable land price increases.
"Nothing flows through the economy more quickly than the construction of new homes. It's a win win for the entire community."
For further information please contact:
Master Builders ACT
0417 142 467.