Budget 2013/14 Northern Territory Economy
Tabled paper 295
Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT
Tabled by David Tollner
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Department of the Treasury and Finance
Construction 145 Northern Territory Economy e: estimate; f: forecast 1 Inflation adjusted, base year 201011 Source: ABS Cat. No. 8755.0; Department of Treasury and Finance Residential building activity is expected to increase by 6.2percent to $582million in 201314, the highest level since the late 1990s. Growth is expected to be driven by continued construction at the major unit developments that commenced during 201213, including SOHO, The Avenue and Wharf 2, as well as the expected commencement of construction on several new unit developments that are currently in the pipeline. New house construction is not expected to increase substantially from 201213, however it is expected to remain at historically high levels (seeChart 11.5), supported by continued land release in Johnston and Muirhead, as well as the expected commencement of land release in the new Palmerston suburb of Zuccoli and the new AliceSprings suburb of Kilgariff. Growth is also expected to be supported by the Governments new housing initiatives Real Housing for Growth plan and HomeBuild Access. e: estimate; f: forecast 1 Inflation adjusted, base year 201011 Source: ABS Cat. No. 8755.0; Department of Treasury and Finance Territory construction activity is expected to increase by a further 13.5percent to $6.6billion in 201415, mainly driven by engineering work, as the onshore construction effort on the Ichthys project reaches peak level. Continuation of construction work on the gas pipeline to Gove is also Chart 11.4: Territory NonResidential Building1 Forecasts (moving annual total) 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 03 04 05 06 07 08 09 10 11 12 13e 14f 15f 16f 17f $B Year ended June Total non-residential Private Public Chart 11.5: Territory Residential Building Forecasts1 (moving annual total) 0 100 200 300 400 500 600 03 04 05 06 07 08 09 10 11 12 13e 14f 15f 16f 17f $M Year ended June Total residential Houses Units Alterations and additions