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Construction growth isn’t just about building houses

By Louise Morrin

Although the residential construction boom has unsurprisingly led to a rise in available real estate in St George, it's also impacted other parts of the New South Wales economy.

Analysis of October employment data shows there's plenty of room for optimism among construction companies at the moment. The Australian Bureau of Statistics (ABS) revealed that 61.1 per cent of the population are currently employed, up from 60.6 per cent a year ago.

"We know property and housing construction underpin the NSW economy, generating more than ten per cent of state growth and over 311,000 jobs," said Glenn Byres, executive director of the Property Council of Australia.

He also explained that lower unemployment rates lead to increased confidence, which is something the entire economy could benefit from at the moment. With so much political and economic turmoil over the past few months, Australians are looking for a sector they can rely on to deliver growth.

The figures speak for themselves 

New South Wales emerged as having the lowest unemployment rate in the country. Nationally, the ABS revealed that the trend unemployment rate has remained fairly stable over the past 12 months, falling slightly from 6.2 to 6.1 per cent.

This trend was mainly driven by a rise in the number of men taking on full-time roles, and an increase in part-time employment among women.

If you're looking to make the most of New South Wales' employment and construction boom, an experienced agent can help you find your ideal real estate in St George. With years of knowledge and expertise at our disposal, the team at Ray White Carlton should be your number one choice.

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