The value of Victorian building approvals recorded the highest ever monthly figure for the state in September, according to the Australian Bureau of Statistics (ABS).
The monthly record of $3.5 billion was driven by non-residential approvals increasing by 52.9 per cent, underlining the strength of the Victorian economy.
During the 12 months to September, Victoria had the second highest value of total building approvals in Australia, and the second highest number of dwelling unit approvals.
These approvals contributed 29 per cent of Australia’s total dwelling unit approvals – well above Victoria’s population share.
Victorian Treasurer Tim Pallas said the Victorian economy is the fastest growing economy in the nation.
“Victoria’s long pipeline of infrastructure and construction activity continues to drive our economic momentum, which is creating jobs for Victorians,” Mr Pallas said.
The strong result is a boost for jobs, and was supported by a number of big approvals across diverse sectors including commercial, health and aged-care, and accommodation.
The near-term outlook for Victorian building is positive and supported by strong population growth and historically low interest rates.
The positive outlook is also more good news for job seekers with Victoria’s long line of construction projects bolstering the state’s economy and confidence.
Since the Andrews Labor Government was elected in November 2014, the Victorian economy has put on more than 162,000 new jobs.