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COMMERCIAL & INDUSTRIAL

Victoria’s construction sector leads a strong economy

Victoria’s building industry is among the strongest in the nation, with the Victorian Government’s sound financial management creating jobs and ensuring the state’s economy continues to grow.

Data released by the Australian Bureau of Statistics shows the value of Victorian building approvals for the year to November 2018 was worth $39.5 billion.

For the month of November 2018 alone, the value of Victorian building approvals increased by 8.2 per cent to $3.49 billion.

Non-residential building approvals were particularly strong, up 27.1 per cent to $1.4 billion – 14.6 per cent higher than a year ago.

Victoria’s residential building sector also continues to be among the nation’s strongest performers, recording the highest value of building approvals in November 2018.

These results show Victoria’s building sector continues to benefit from the Victorian Government’s record investment in infrastructure and sound economic management.

Nearly 427,000 jobs have been created across the state during the Victorian Government’s first term – with almost 300,000 of them full-time.

Source: Vic Government

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