30 November 2004
Building Approvals, Retail Sales Continue Strong Growth
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Syd Stirling MLA
Treasurer
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The Territory has recorded the highest number of residential building approvals in the 12 months to October of any Australian jurisdiction, while retail turnover in the NT grew by 6.7% over the same period, according to just released ABS data.
Treasurer Syd Stirling said while residential building approvals dropped slightly in the month of October, the NT continued to outstrip the rest of Australia, with year on year growth at 28.6% compared to -3.8% nationally.
“The corresponding value of residential approvals increased by 39.9% to nearly $297 million,” Mr Stirling said.
“Recent approvals in the Territory have been the strongest in five years, reflecting a positive outlook for the residential construction sector.
“The value of Territory non-residential building approvals also increased, by 75.4% to nearly $200 million, due largely to an increase in the value of approvals for offices, health premises, hotels, motels and other short term accommodation, and other business premises.”
Mr Stirling said consumer confidence was also reflected in strong retail turnover throughout the year.
“Once again, there was a slight dip in October retail spending, but overall spending rose 6.7% in the 12 months to October,” he said.
“The increase saw retail turnover go from $1.79 billion to more than $1.9 billion.
“By category, food turnover rose by $67.6 million (up 8%), household goods by $33.5 million (up 15.7%), pharmaceutical, toiletry, jewellery and other goods by $12.2 million (up 4.2%), recreation goods by $6.8 million (up 11.6%), and clothing and soft goods by $5.9 million (up 6.4%). Hospitality and services was the only category to record a fall, down $1.2 million or 0.4%.
“The Territory economy continues to show strong growth, which is reflected in significant activity in the construction sector and strong spending by Territorians.”