eco n o m y
Momentum is building
in the eastern states
geordan murray
HIA Economist
T
hroughout much of the last decade,
New South Wales and Victoria could
do little but watch on in awe as the
wave of investment by the mining and energy
sectors delivered exceptionally strong
rates of economic growth to the states
with resource riches, while an oppressive
exchange rate crunched the international
competitiveness of their services and
manufacturing sectors.
solid contribution from ongoing work on
the $1.27 billion Victorian Comprehensive
Cancer Project in Parkville. The state also
rated very highly for work done on office
buildings with a number of projects currently
underway in the CBD.
New South Wales continues to be a ‘jack of
all trades but master of none’. The state does
not rank as the strongest jurisdiction in any
of the sub-sectors of non-residential building
or engineering construction, but achieves
above-average rankings across almost all.
The tide has now well and truly turned.
The economies leveraged to the mining
and energy sectors are increasingly facing
headwinds, and the eastern seaboard
economies are on the rebound. This
changing dynamic is cl X\