5 September 2022
The Territory is working towards a $40 billion economy by 2030 – and strong constructions figures show we are on the right path.
In 2021-22, the value of total construction work done in the Territory increased by 23.6 per cent to $2.8 billion, the strongest result of the jurisdictions.
Non-residential building work increased by 11.6 per cent, reflecting an increase of 20.3% in public sector work valuing $321 million, and an increase of 0.8 per cent in private sector work valuing $215 million.
July this year also saw the number of residential building approvals in the Territory increase by 45.2 per cent when compared to the same time last year.
In 2021-22, the Northern Territory also saw private new capital expenditure in the Territory increase by 34.8 per cent to $2.3 billion, again the strongest result of the jurisdictions.
This reflects increases in expenditure on buildings and structures of 56% ($1.7 billion) and equipment, plant and machinery of 0.9% ($671 million).
Quotes attributed to Chief Minister Natasha Fyles:
“The Territory is taking off, our construction industry is on the up and more people are deciding to call the Territory home.
“We are home to some of the most unique opportunities when it comes to work, business and investment, and we are seeing this reflected in our real estate market.
“The more people we can attract and retain, the more benefits we will see driving our economy – and we will continue to do everything we can to make the Territory the best destination to live and work.”
Quotes attributed Treasurer and Minister for Infrastructure, Planning and Logistics, Eva Lawler:
“This government is ensuring we a have a strong pipeline of projects available for our construction industry, this is why we have our Infrastructure Pipeline document.
“These projects create local jobs and strong flow on benefits for Territorians and Territory businesses.
“We are making the Territory the best place in the country to build a home and do business.”
Northern Territory Government
