The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
25 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
25 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
ResidentialStaff WriterSun 06 Mar 16

Housing Boosts GDP Growth

1

Latest ABS statistics show that GDP growth ended 2015 relatively favourably and beating expectations, with new dwelling construction helping support that outcome, according to the HIA.

“During the final quarter of 2015, GDP saw growth of 0.6 per cent. Significantly, annual growth to the December 2015 quarter hit the crucial 3 per cent threshold, which is consistent with the economy’s trend rate of growth,” noted HIA Senior Economist, Shane Garrett.

“New residential building played its part in beefing up the numbers. During the quarter, new dwelling construction rose by 3.6 per cent and was some 12.1 per cent higher than the same period one year earlier.

“On the renovations side, things were a little less bright. The volume of renovations activity eased by 0.3 per cent during the quarter, although the fact that it was 5.5 per cent higher than the same period a year earlier indicates that the hesitant recovery in the home renovations market is still in train.

“One of the big messages from today’s figures is that household spending growth was strong over the past year and this was helped along by very low interest rates and strong dwelling price growth in key markets.

“The low and stable Australian dollar exchange rate is also doing its job in boosting export volumes, which have grown strongly over the past year. However, business sentiment remains under pressure particularly in the natural resources area. This will continue to drag on growth over the coming quarters."

ResidentialAustraliaConstructionConstructionSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
View All >
The construction site which will one day become Newcastle Tallest Tower by Urban Property Group
Residential

Urban Property Group Reveals Newcastle Tallest Tower Plan

Renee McKeown
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
ESR building ESR completes delisting
Industrial

ESR Reveals New Team After Hong Kong Delisting

Leon Della Bosca
Going private means plans to focus on logistics and data centres across the Asia-Pacific region can accelerate, ESR says…
LATEST
The construction site which will one day become Newcastle Tallest Tower by Urban Property Group
Residential

Urban Property Group Reveals Newcastle Tallest Tower Plan

Renee McKeown
3 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
ESR building ESR completes delisting
Industrial

ESR Reveals New Team After Hong Kong Delisting

Leon Della Bosca
3 Min
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/housing-boosts-gdp-growth