Snapshot reveals construction remains strong in the ACT

096/11

Canberra's construction sector continues to show its strength with around $13.5 billion worth of projects currently planned or under way in the ACT according to the latest Canberra Construction Snapshot.

Construction is a major contributor to the ACT economy and since coming to office, the ACT Labor Government has invested massively in infrastructure with record-breaking capital works programs in education, health, transport and the environment delivered over recent years.

Another example of the Government’s commitment to the building and construction sector is our record on increasing the supply of land in Canberra. With 5,048 new housing sites released last financial year, we are delivering new homes and supporting the jobs of 15,800 Canberrans in the construction industry.

The latest Snapshot also reflects our continued commitment to improving housing affordability with more than $2.6 billion of residential building already underway and an additional $1.3 billion of developments planned for the coming years.

This residential development is occurring in both new greenfield estates and the increasing residential density of our town and group centres in line with the ACT Labor Government’s objective of 50:50 greenfield and urban renewal developments.

The Snapshot outlines Canberra’s developers and institutions plans to invest almost $6.4 billion in the coming years, with $7.3 billion in activities already underway making it very clear that Canberra is a great place to do business.

These projects include significant contributions from the ACT Government, and with major investment in quality infrastructure projects like the Majura Parkway or the release of another 18,500 new housing sites over the next four years, the sector can rest assured a Labor Government recognises that investment in building and construction is an investment in our future.

The fifth edition of the Canberra Construction Snapshot is further confirmation of the strength of the ACT economy and shows continuing confidence in both the residential and commercial building sectors in the ACT and surrounding region.

The Canberra Construction Snapshot is available at http://www.economicdevelopment.act.gov.au/construction_snapshot.