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Although the Construction and Property Industry has slowed, it could have been worse and already jobs have started to increase
on a quarterly basis, albeit only just. Full time jobs continue to fall, though, but at least the rate of decline has slowed, while part
time construction jobs are booming (+13.4%). Having said that, the predominant mode of work in this sector is still full time ---
with 834,000 full time jobs compared to 148,000 part time.
A big turnaround is expected, however. The value of building approvals by year ended February 10 has risen to $81 billion. This is
well up from the trough of $68 billion in July 09. This high level of approvals is only just below the August 08 peak of $85 billion.
Not surprising with this level of work in the pipeline, confidence in this sector really has improved significantly, with business
confidence rising from -35.4 in the December 08 quarter to +24 in the December 09 quarter.
Although the National picture is better, there are big differences State by State. In Queensland, jobs are still falling but that State
will get a welcome boost if the $1.1 billion northern rail project proceeds. NSW has also lost jobs, but there are some large projects
in the pipeline including two new power stations near Muswellbrook. Victorian jobs are growing and have been since the GFC
started. WA jobs are growing as the Mining Sector gathers pace again. Approvals in WA are up 17.5% (February 10) and are only
just below their pre-GFC levels. There are also major projects that have been announced such as the Anketell Point iron ore port
to be developed. SA jobs growth is robust and approvals are at their pre-GFC levels, indicating more growth can be expected in
With improved confidence plus a number of large infrastructure projects planned or underway, this sector is expected to continue
to grow, even under the weight of higher interest rates. By November 10, jobs are forecast to grow by 0.5%.
Rising interest rates won't be enough to stop this sector growing
Construction and Property
Source: ABS/EMDA Model 2010
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