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Financial Indicators: Construction
The Construction sector continued its strong performance over recent years contributing $841m (or 6.8%) to MITEZ Gross Regional Product (GRP) in 2006-07, up from $696.1m in 2005-06. Construction was also the fastest growing sector in the MITEZ Region, recording annual growth for the 2006-07 year at 20.9%. Besides Constructions solid contribution to GRP, sector employment accounts for 8.7% of total workers in the MITEZ Region.
Total value of building approvals was $1.132b in 2007, 13.1% higher than 2006. The strongest growth was recorded in the residential building segment where annual growth of 49.8% was recorded. Although the value of total building approvals surpassed 2006 levels, the value of non-residential approvals fell by 23.0% in 2007.
Encouragingly, every LGA in the MITEZ Region recorded positive growth in total value of building approvals. The strongest growth was enjoyed by Richmond (796.4%), followed by McKinlay (201.9%), and then Cloncurry (129.6%).
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Value of
Building Approvals MITEZ Region (2007)
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Residential
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% chg
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Non-residential
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% chg
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Total Building
|
% chg
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($000)
|
($000)
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($000)
|
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Mount
Isa
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14,175
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40.0%
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19,225
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2.4%
|
33,401
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15.6%
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Cloncurry
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3,350
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78.2%
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4,464
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193.1%
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7,814
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129.6%
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McKinlay
|
588
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85.5%
|
369
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n.a.
|
957
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201.9%
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Richmond
|
2,527
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1619.0%
|
467
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149.7%
|
2,994
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796.4%
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Flinders
|
511
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115.6%
|
64
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-70.9%
|
575
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25.8%
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Charters
Towers
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11,702
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27.4%
|
1,632
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-24.5%
|
13,334
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17.5%
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Townsville
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710,871
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49.8%
|
362,469
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-24.8%
|
1,073,342
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12.2%
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MITEZ
|
743,724
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49.8%
|
388,690
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-23.0%
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1,132,417
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13.1%
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Source:
QRSIS
The number of residential approvals increased by 32.3% in 2007 to 2,610 approvals. Residential building activity was at record highs in 2007, largely a result of the national property market boom flowing to North Queensland combined with robust MITEZ population growth, particularly in Townsville.
Source:
QRSIS
Non-residential building activity slowed 2007, down 23.0% from the record highs of 2006. Despite the slowing of approval values in 2007, MITEZ regional annual growth averaged 36.5% between 2003 and 2007.
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