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How residential construction supports the national economy

By Louise Morrin

The residential construction sector is pretty incredible. Not only does it make sure there is plenty of real estate in Allawah available for buyers, but also employs thousands of people throughout the country.

The Housing Industry Association (HIA) has urged policymakers not to neglect the sector, pointing out just how crucial it really is. HIA chief executive of industry policy and media Graham Wolfe explained that it's provided the "adrenaline shot" the economy has needed, especially after the resources boom came to an end.

He also stressed that governments up and down the country receive large amounts of taxes from the industry – money that's then put to good use providing services to everyday people. If residential construction isn't given the support it needs, there's every chance this could be put in jeopardy.

Improving employment opportunities

Figures from the Australian Bureau of Statistics show that employment has been rising throughout the country – and it's likely that construction has contributed to this trend. Between May 2015 and 2015, the number of employed people increased 1.9 per cent, while unemployment was down 5.2 per cent in trend terms.

Mr Wolfe continued: "The residential building industry provides a job for over one million Australians, supports over 350,000 businesses, contributes over $160billion to the Australian economy and builds new homes for more than 350,000 people, every year, to house Australia's growing population."

New South Wales is one region where building activity has gone from strength to strength. If you're in the market to buy a new home, it's a good idea to find a real estate agent in Carlton who can guide you in the right direction. With so many properties to choose from, having a helping hand could make a real difference to your search.

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