The total value of Victoria’s building approvals jumped 48.7 per cent in January taking the total for that month value to a record $2.64 billion, according to ABS statistics released today.
Mr Lenders said the record value was higher than any other State for that month, and well ahead of Queensland ($1.47 billion) and New South Wales ($1.43 billion), showing confidence in the Victorian economy.
“Victoria also recorded the highest total value for the year to January 2008 with building approvals reaching $20.4 billion – again ahead of Queensland ($18.3 billion) and New South Wales ($17.1 billion),” Mr Lenders said.
“Victoria’s building approval growth of 48.7 per cent is also well ahead of the national growth of just 15.7 per cent.
“These ABS figures are largely driven by the non-residential building approvals in Victoria, which also reached record highs in January at $1.64 billion – again the highest of any State.
“These records counter the slight decrease of 5.7 per cent in residential approvals.”
These figures show confidence in the Victorian economy as more people are investing into new buildings, creating more jobs for Victorians.
Mr Lenders said the strength in building approvals was also being reflected in regional Victoria.
“Building Commission data shows the value of building approvals in regional areas has more than doubled since 1999,” Mr Lenders said.
“The 2007 figures show these approvals were worth more than $4 billion in regional Victoria.”