The Australian Bureau of Statistics have released national accounts records showing a 0.6% increase in NSW State Final Demand, part of a 2.5% increase over the past year. This was the strongest growth performance of all the states on a quarterly and annual basis.
State final demand represents the total value of goods and services sold in a state to buyers looking to consume or retain the goods as capital assets.
The results offer renewed optimism about the health of the NSW economy, and supported are by reported increases in housing approval and job creation, including:
- Jobs – an additional 8,400 jobs were created in NSW in January. NSW has the second lowest unemployment rate in the nation after Western Australia. Since 2011, 91,000 more jobs have been created in NSW.
- Housing – 47,987 new dwellings were approved in NSW in the 12 months to January 2014.
NSW Treasurer Mike Baird said the statistics, which showed the strongest annual growth in state final demand in Australia over the last six months, were evidence of increased confidence in NSW business.
“Today’s figures show NSW is back on top, as the best performing economy in the country on both a quarterly and annual basis,” said Mr Baird.
“Economic challenges remain, as the nation transitions from the mining boom, but the NSW economy remains in a relatively strong position and we continue to remain optimistic about the year ahead,” Mr Baird said.