April 2021 : Building & Construction SnapShot

This month’s snapshot shows the construction industry continue to perform well, despite the broader economic challenges.

 

The housing sector is red hot, with house prices up by 12.8% over the year-to March.

 

New building approvals are up by 61.3% thanks largely to HomeBuilder stimulus and the enthusiasm from Tasmanians to build a new home.

 

Commercial building activity is strong with more than $158 million in work approved in February 2021. However, almost all of this, 81.4%, was from projects funded by the government. The government continues to do a great job support the commercial construction industry, but we need to attract private investment back into the market to sustain our long term economic recovery.