Australia’s Strongest Economy Tag Goes to New South Wales (NSW)
According to CommSec’s State of the States report, NSW is ranking top in economy amongst all states of Australia in terms of housing market and other factors.
CommSec chief economist Craig James said, “NSW has retained its top ranking on population growth and retail trade and is also now number one on dwelling starts”.
Along with it the weakness of NT’s housing sector took it to the second place, but it is still strong if we consider its jobs market and liquefied natural gas projects.
If we talk about WA, it covers the third place due to its gloomy unemployment figures, the latest CommSec’s State of the States report said.
“The state and territory economies that are performing well have the strength in terms of housing,” chief economist Craig James was quoted as saying in abc.net.au.
He further added, “So we’re seeing that very much in New South Wales, [which is] number one in terms of dwelling starts and number two in terms of housing finance, and of course they’re on top of the economic leader board.“
James also said that, “The momentum was gathering in the Victorian economy, where strong population growth was boosting housing construction”. The study found Victoria was the best performer on the housing finance indicator.
Also the report places Tasmania to the last place but CommSec remains optimistic that there were brighter signs.
At this James said, “What we’re seeing in Tasmania in terms of dwelling starts is that they’re up 50% on a year ago, and when we’re looking out over the next six to 12 months, that strength that we’re seeing in new dwelling starts is going to feed its way right through the Tasmanian economy”.
News Source: http://www.yourmortgage.com.au/article/strong-housing-market-means-nsw-is-best-performing-economy-199433.aspx