Dwelling approvals jump by 19.1% in February
February saw approvals for the construction of new homes rise by a…
8 August 2017
The future is looking bright for the WA economy. Once the nation’s weakest-performing state, the considerable turnaround in WA’s job market indicates better times ahead.
The Reserve Bank confirmed this in their quarterly statement on monetary policy. Improved business conditions paired with improved confidence has spread into the broader economy of the state. One of the most notable resurgences came from the property market. Inquiries about new, detached dwellings have increased quite significantly. While this is not translating into higher sales as yet, it does indicate improved consumer confidence.
As well as this improvement in the property market, it was WA’s job market that boasted the strongest growth this year. There are a number of different factors that contributed to this. The Reserve Bank noted that the rise in migration to the nation’s Eastern States has eased conditions for finding work. Employment conditions have also improved since late 2016, with a significant turnaround in full-time employment.
This was made evident in recent retail sales figures from the Australian Bureau of Statistics. These figures revealed that turnover by volume was at its highest level in WA since the June quarter last year. Much of this growth has occurred over the past nine months, showcasing the most significant lift since late 2014.
Though there is still some room for improvement, it is clear that the WA economy is heading in the right direction.