Regional Victoria Building Growth Higher than in Melbourne


Minister for Planning Richard Wynne has released the latest Victorian Building Authority building permit data, which shows the value of buildings in Victoria reached a record $32.8 billion in the 2016-17 financial year.

Regional and rural Victoria recorded higher growth rates for building than in metropolitan Melbourne, increasing 6.9 per cent on the previous financial year to top $5.8 billion. Building in inner and outer Melbourne rose a combined 3.4 per cent to $27 billion.

The data shows by municipality:· 1,920 permits were issued in Ballarat, accounting for $430.5 million in works· 2,370 permits were issued in Bendigo, accounting for $393.4 million in works· 1,167 permits were issued in Shepparton, accounting for $244.3 million in works· 1,295 permits were issued in Bass Coast, accounting for $214 million in works· 955 permits were issued in Wodonga, accounting for $210.8 million in works.

The Labor Government recently launched the "Ready when you are" campaign to encourage more people to make the move to regional Victoria. The government has doubled the First Home Owner Grant to $20,000 in the regions.

Since November 2014, more than 60,000 jobs have been created across regional Victoria, with the unemployment rate dropping from 6.6 per cent to 5.1 per cent.

Minister for Regional Development Jaala Pulford said, “There’s never been a better time to make the move to regional Victoria. It’s got lifestyle, community and it’s affordable. We’re creating the jobs of the future and ensuring every Victorian can access quality healthcare, education and transport.”

The building permit data coincides with the Australian Bureau of Statistics (ABS) confirming more than 31,000 jobs were created across the State over the year to August 2017.

At the same time, unemployment fell across regional Victoria, with the current rate at 4.9 per cent. This compares with a rate of 6.6 per cent in November 2014.

Victoria's regional employment grew by 4.5 per cent over the year to the August quarter, the highest growth rate in the nation and well above the national average of 1.9 per cent - with 6,000 new jobs created in the past three months alone.

Unemployment in the Ballarat, Geelong, Hume, Shepparton, Latrobe-Gippsland and Warrnambool and South West regions all fell over the year to August.

Victoria’s Annual Financial Report tabled in Parliament this week shows the State had employment growth of 3.7 per cent in 2016-17 - the highest jobs growth of all the states and a growth rate not experienced in more than 25 years.

Bendigo image copyright: birillo81 / 123RF Stock Photo

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