The CommSec report compares each of the states and territories on eight key performance indicators; including economic growth, retail spending and population growth.
Treasurer Andrew Constance said the latest CommSec report is a strong endorsement of the economic management of the NSW Government, singling out booming housing construction as a key factor in NSW’s rise in the rankings.
“We have taken the State’s economy out of the dark ages to become the country’s powerhouse.
“NSW is leading the nation on new housing construction with 34,697 new homes approved in Sydney last year.
Mr Constance also cited an 18.1 per cent increase in new home construction in the final quarter of 2013, as well as the 16,300 new jobs that NSW has contributed to an overall total of 18,100 new jobs created nationally in March 2014, as key reasons why NSW has surged up the CommSec rankings.
“Today’s report clearly shows the tide has turned in NSW – we’re now a more attractive place to do business than we were three years ago.
“The NSW Government has a clear focus on stimulating growth through housing and jobs and today’s report shows it’s paying dividends.”