South Australia has been named the nation’s top performing economy, ranking first in construction work and dwelling starts.
Achieving a historic milestone, it is the first time SA has been named the nation’s top performing economy, according to CommSec’s quarterly State of the States report.
Ranking number one in four out of eight key economic indicators, SA rose above the other states and territories – largely due to its strong construction activity and jobs growth.
Specifically, SA beat its Australian counterparts in economic growth, unemployment, construction work and dwelling starts.
The CommSec report states that SA was now in the top spot for construction work done, up from third. Construction work done is 23.4 per cent above its decade average, ahead of NSW (18.3 per cent above the decade average).
“Population growth in South Australia has tripled over the past two years, which is showing up in a strong housing market and overall economic activity,” it said.
SA had the highest economic growth rate among states, soaring by 3.8 per cent, while its unemployment rate of 3.6 per cent is a record low.
In the 15-year history of Commsec’s quarterly State of the States report, SA had never ranked at top spot up until now.
Renewable SA executive director, residential project delivery and assets, Shane Wingard, said the amount of construction work and new builds commencing in the state was pleasing and that Renewal SA is committed to continuing to deliver a pipeline of opportunities for industry.
“This is an exciting time in South Australia as it firmly positions itself as the best place in Australia to live, work and invest,” he says.