Territory Stories

Territory economic review

Details:

Title

Territory economic review

Creator

NT Treasury, Economic and Social Analysis Unit

Collection

Territory economic review; Department of Treasury and Finance newsletters; PublicationNT; E-Journals

Date

2009-12-01

Notes

Date:2009-12; This publication contains may contain links to external sites. These external sites may no longer be active.; Made available via the Publications (Legal Deposit) Act 2004 (NT).

Language

English

Subject

Northern Territory -- Economic conditions -- Periodicals

Publisher name

Northern Territory Government

Place of publication

Darwin

File type

application/pdf

Copyright owner

Northern Territorty Government

Parent handle

https://hdl.handle.net/10070/216177

Citation address

https://hdl.handle.net/10070/710409

Page content

Territory Economic Review December 2009 Residential Building Work Done, Inflat. Adj. In the year to September 2009, residential building work done in the Territory decreased by 4.0 per cent to $427M (see chart). New house construction increased by 15.1 per cent to $225M, its highest annual total since the September quarter 2000. Growth was driven by declining interest rates, residential land releases and Commonwealth and Territory Government housing initiatives. Other residential (units, apartments and townhouses) construction decreased by 29.2 per cent to $133M, reflecting the completion of a number of high rise apartment complexes in the Darwin CBD (e.g. One30 Esplanade, Pinnacle, Arkaba and similar projects). Alterations and additions increased by 12.7 per cent to $68M, supported by declining interest rates and increasing property prices. Non-Residential Building Work Done, Inflat. Adj. In the year to September 2009, non-residential construction work done in the Territory decreased by 5.6 per cent to $389M (see chart). Private sector non-residential work undertaken decreased by 16.2 per cent to $233M. The decline is due to private sector non-residential construction activity coming off their highest levels in 20 years in 2007 and 2008 reflecting construction undertaken for the Darwin Convention Centre and the Mantra Pandanas serviced apartment development in the Darwin CBD over this period. It also reflects the impacts of tighter credit conditions that have led to a substantial decline in commercial and industrial building approvals in the past year. Public sector construction activity increased by 16.2 per cent to $157M, reflecting ongoing work on the middle schools program and Commonwealth Government infrastructure stimulus measures. Total Construction Work Done, Inflation Adj. Compared to the previous quarter, seasonally adjusted construction work done in the Territory decreased by 22.3 per cent to $654M in the September quarter 2009. The decrease was driven by a large decline in engineering construction work done related to the completion of major activity on a number of mining and energy projects, including the GEMCO refinery expansion on Groote Eylandt, ENIs Blacktip gas project and the Montara oil field development. In the year to September 2009, total construction activity in the Territory increased by 44.1 per cent to $3.36B (see chart). This reflects construction work done on the major resource projects listed above including the Bonaparte gas pipeline. Growth was also supported by increased public infrastructure investment relating to Power and Waters capital works program and major road works, including Tiger Brennan Drive development. Residential Building Work Done* (Latest data September quarter 2009) 0 100 200 300 400 500 0 100 200 300 400 500 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 $M Year ended June Total Houses Alterations and additions Other residential * original data, moving annual total Source: ABS Cat. No. 8755.0 Non-Residential Building Work Done* (Latest data September quarter 2009) 0 50 100 150 200 250 300 350 400 450 0 50 100 150 200 250 300 350 400 450 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Year ended June $M $M Total Private Sector Public Sector * original data, moving annual total Source: ABS Cat. No. 8755.0 Total Construction Work Done* (Latest data September quarter 2009) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Year ended June Total Engineering Residential Non-Residential $B$B * original data, moving annual total Source: ABS Cat. No. 8755.0 Economic Group Northern Territory Treasury (08) 8999 6801 www.nt.gov.au/ntt/ economicservices.ntt@nt.gov.au - 6 -


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