Low levels of unemployment, combined with remarkable rates of growth in the number of jobs created, have meant that Victoria’s economic performance continues to surpass that of other states and territories. Victoria’s robust labour market is attracting high levels of interstate and international migration, resulting in a population growth of 2.2 per cent for 2018 – higher than any other Australian state or territory.
While this has served to fuel building and construction activity, challenges over access to credit, and the decrease in consumer confidence, has softened activity in recent times. Master Builders forecasts that this trend will continue over the coming years.
See the full industry forecast here.