Territory Stories

Budget 2013/14 Northern Territory Economy

Details:

Title

Budget 2013/14 Northern Territory Economy

Other title

Tabled paper 295

Collection

Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT

Date

2013-05-14

Description

Tabled by David Tollner

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

Publisher name

Department of the Treasury and Finance

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C00866

Parent handle

https://hdl.handle.net/10070/273751

Citation address

https://hdl.handle.net/10070/426369

Page content

Construction 135 Northern Territory Economy Construction The construction industry is the NorthernTerritorys second largest industry (by value) behind mining. In 201112, the construction industry accounted for 11.6percent of the Territorys gross state product (GSP) and 10.3percent of the Territorys resident employment. The contribution of the construction industry to the Territorys GSP and employment is expected to grow substantially over the four years to 201516, driven primarily by the development of the $34billion INPEX and Total joint venture Ichthys project. In 201213, the value of construction activity in the Territory is estimated to have increased by 62.5 percent to $5.0billion, largely reflecting an 86.3percent increase in engineering construction associated with the preliminary stages of the Ichthys project and other projects including expansion of major mine sites and development of the Montara oilfields. In 201314, the value of construction activity in the Territory is forecast to increase by 17.4percent to $5.8billion. Engineering activity is forecast to increase by 26.7percent as onshore work on the Ichthys project intensifies. Residential building activity is expected to reach its highest level since the late 1990s, reflecting a number of large multiunit developments, particularly in the Darwin central business district, and strong growth in new house construction. Construction activity is expected to increase by a further 13.5percent in 201415, reaching $6.6billion, with peak construction effort on the Ichthys project expected to drive engineering activity to $5.4billion. In 201516 and 201617, construction activity in the Territory is expected to decline by around 30 and 40 percent, respectively, driven by a fall in engineering activity associated with the expected completion of the construction phase of the Ichthys project in mid2016. Northern Territory1 201112 201213e 201314f 201415f 201516f 201617f $M $M $M $M $M $M Engineering 1 885 3 512 4 450 5 400 3 600 1 650 Residential 468 548 582 578 542 508 Nonresidential 705 909 800 640 560 470 Total 3 058 4 969 5 832 6 618 4 702 2 628 201112 201213e 201314f 201415f 201516f 201617f % change % change % change % change % change % change Engineering 103.2 86.3 26.7 21.3 33.3 54.2 Residential 1.5 17.0 6.2 0.7 6.2 6.3 Nonresidential 54.4 29.1 12.0 20.0 12.5 16.1 Total 65.7 62.5 17.4 13.5 29.0 44.1 e: estimate; f: forecast 1 Inflation adjusted, base year 201011 Source: ABS Cat. No. 8755.0; Department of Treasury and Finance Chapter 11 Key points


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