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Decade of Growth Ahead for WA

Friday, 1st Nov 2013
Categories: Market News, Newsletter

growth

The Western Australian economy has been given a massive vote of confidence in a recent report from Deloitte Access Economics.

The state is expected to remain the fastest growing economy in the country over the next decade and the positive long term outlook hasn’t been dampened by the Governments’ credit rating downgrade.

Astonishingly, there is a quarter of a trillion dollars being invested in the state, primarily on major gas projects that more than half of which are currently underway or committed.

As mining construction subsides, housing construction is expected to step up driven by strong population growth.

“In terms of population growth rates, the west has long been a national leader, but now the state is growing so rapidly it is seeing absolute population growth levels running close to those in the three eastern states,” Deloitte said.

“Construction sector employment – even beyond the heavy engineering sector – remains a strong growth area, suggesting there is capacity to expand the state’s housing stock to meet current demands.

“So despite the doom and gloom in some quarters, our analysis indicates the medium term outlook for Western Australia is broadly positive.”