Pitcher Partners NSW has welcomed the release of Commsec’s State of the States figures today, commenting that NSW’s increased economic growth reflects the government’s commitment to housing and infrastructure activity.
“NSW has definitely felt the surge in economic activity over the last 2-3 years, particularly in the Greater Sydney metropolitan region,” Pitcher Partners NSW managing partner Rob Southwell said.
“The NSW Government’s commitment to executing long term, planned infrastructure projects alongside private sector investment has been a significant driver of growth.
“What’s more, off the back of the GFC we saw a definite lag in construction projects; this decreased supply coupled with rising demand for housing in Sydney over the last 2-3 years has really fueled growth in new residential construction projects, particularly in high density living.”
Mr Southwell also predicted that rising real estate prices, coupled with low unemployment figures would result in increased consumer confidence, leading NSW to continue its growth streak for the foreseeable future.
“We’re seeing lots of hi-vis vests on suburban streets at the moment; it’s a very visible reminder that the consumer confidence is strong.
“With rising real estate prices comes increased confidence, and this leads to further additional spending on dwellings through renovations and the like.”
A number of other factors have also influenced NSW’s economic growth, including strong net migration to NSW, and a big increase in tourism, particularly in Sydney, with the reduction in the Australian dollar.
“Tourism spending is at record levels, and with NSW being the largest tourism market in Australia, we expect to see continued growth for businesses in that industry.
“All in all conditions in NSW are very strong,” Mr Southwell said.
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