NT building work above national average | NT Independent

NT building work above national average

by | Oct 10, 2024 | Business, News | 0 comments

Building work in the Northern Territory increased by 3.7 per cent in the June quarter, with an increase of 13.5 per over the year, data from the Australian Bureau of Statistics shows.

The Northern Territory government Treasury and Finance Department economic brief, which is based on ABS data, showed the trend value of total building work done in the Territory rose by 3.7 per cent to $321 million in the June quarter, while nationally, the trend value of total building work done declined by 0.7 per cent to $34 billion in the quarter.

The total value of building work done in the NT increased by 13.5 per cent over the year to the June quarter.

It was the largest increase in the value of building work done of all the jurisdictions over the year to the June quarter, which otherwise ranged from a decline of 9.1 per cent in Tasmania, to an increase of 6.3 per cent in the Australian Capital Territory. Nationally, the value of building work declined by 1 per cent over the same period.

The data showed non-residential building work in the NT rose by 18.4 per cent to $231 million in year-ended results, reflecting a 28.4 per cent increase in public sector work.

However, this increase was partly offset by an 8 per cent decline in private sector work.

Residential building work increased by 3.8 per cent to $103 million in year-ended results, with public sector activity rising by 100.5 per cent but private sector activity declining by 25.0 per cent.

Within residential building work, alterations, additions, and conversions saw an increase of 54.5 per cent to $44 million, while new houses and new units experienced declines of 17.3 per cent and 8.8 per cent, respectively.

Overall, the total value of building activity in the Territory for 2023-24 was $1.2 billion.

However the value of building work yet to be done in the Territory declined by 15 per cent to $1.2 billion over the year to the June quarter.

The brief said this was a decline of 17.5 per cent in non-residential work yet to be done to $1.1 billion, but an increase of 2 per cent in residential work yet to be done to $185 million.

Nationally, the value of building work yet to be done declined by 2.6 per cent to $106.1 billion over the same period.

 

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