Mr BURKE - 2005-08-16
One of the most significant drivers and job creators in the Northern Territory economy is the construction industry. Can you please advise on the state of the industry in the Northern Territory today?
ANSWER
Madam Speaker, I thank the member for Brennan for his question, because construction is one of the great drivers of economic growth in the Northern Territory. Current indicators show that the industry is progressing very solidly indeed. Building approval levels are the best in Australia in the year to June 2005: residential approvals up 17% in number; non-residential approvals value rose by 63.8% to $277.6m; and the value of residential building approvals rose 36.9% to $356m. That underlines some of the cost escalators occurring in the construction industry.
Engineering work done stands at $1.5bn. Prior to 2001, that figure, on an annual basis, was running at around $200m. Therefore, you can see just how enormous that leap in engineering work has been over the past few years.
It is evident, given the remarkably low vacancy rates reported by the Real Estate Institute of the Northern Territory quite recently, and in other surveys, that the residential market will continue in its boom stage at the moment. You only have to look at the construction and cranes on the horizon with the apartment development today for proof of that.
Those are the numbers. What does it mean to people out there? Well, it means that you cannot get a plumber, carpenter, cabinetmaker, electrician or airconditioning fitter - all those small business tradespeople are fully occupied with a continual stream of quality work. That is fantastic for those small businesses, great for their families and, of course, for the Northern Territory economy. The engineers, crane drivers, cement contractors - those bigger sized companies in the market - keep on going in business and employing more people.
Therefore, there are more jobs and more people in jobs as a result of this sustained upward spike in the construction industry - an industry that was all but gone in August 2001. It is good, in terms of residential development, for retailers selling new carpets, whitegoods, household goods and office furnishings. All of those products are in high demand and coming to the Northern Territory in great numbers. It is good all round; it keeps the Northern Territory moving ahead.
In the recent election, we promised and we continued that record level of capital works, which we have done since we came to government in 2001. Capital works and infrastructure is a record spend year in and year out. We are already fulfilling that promise for 2005-06.
ANSWER
Madam Speaker, I thank the member for Brennan for his question, because construction is one of the great drivers of economic growth in the Northern Territory. Current indicators show that the industry is progressing very solidly indeed. Building approval levels are the best in Australia in the year to June 2005: residential approvals up 17% in number; non-residential approvals value rose by 63.8% to $277.6m; and the value of residential building approvals rose 36.9% to $356m. That underlines some of the cost escalators occurring in the construction industry.
Engineering work done stands at $1.5bn. Prior to 2001, that figure, on an annual basis, was running at around $200m. Therefore, you can see just how enormous that leap in engineering work has been over the past few years.
It is evident, given the remarkably low vacancy rates reported by the Real Estate Institute of the Northern Territory quite recently, and in other surveys, that the residential market will continue in its boom stage at the moment. You only have to look at the construction and cranes on the horizon with the apartment development today for proof of that.
Those are the numbers. What does it mean to people out there? Well, it means that you cannot get a plumber, carpenter, cabinetmaker, electrician or airconditioning fitter - all those small business tradespeople are fully occupied with a continual stream of quality work. That is fantastic for those small businesses, great for their families and, of course, for the Northern Territory economy. The engineers, crane drivers, cement contractors - those bigger sized companies in the market - keep on going in business and employing more people.
Therefore, there are more jobs and more people in jobs as a result of this sustained upward spike in the construction industry - an industry that was all but gone in August 2001. It is good, in terms of residential development, for retailers selling new carpets, whitegoods, household goods and office furnishings. All of those products are in high demand and coming to the Northern Territory in great numbers. It is good all round; it keeps the Northern Territory moving ahead.
In the recent election, we promised and we continued that record level of capital works, which we have done since we came to government in 2001. Capital works and infrastructure is a record spend year in and year out. We are already fulfilling that promise for 2005-06.
Last updated: 09 Aug 2016