RETAIL AND HOUSING GROWTH CONTINUES IN NSW

The NSW economy continues to lead the nation, with ABS figures confirming ongoing growth for both retail spending and building approvals.

The official data released today showed retail trade increased by 4.6 per cent in the year to February, above the national result of 3.3 per cent.

Treasurer Gladys Berejiklian noted that this was the 31st consecutive month that through the year retail spending growth was above the national average.

The number of dwellings given the green light also rose in February, up 14.3 per cent to 5,116 approvals, well above the average of the last five years (4,146).

“NSW continues to see positive results across every key economic indicator, and all signs show that we can expect the NSW economy to set the standard for the rest of the nation well into the future,” Ms Berejiklian said.

“This continued strength is boosting confidence in NSW – while other states are struggling amid a challenging economic environment, NSW is continuing to shine.”

Planning Minister Rob Stokes said the figures showed strong confidence in the NSW economy and building sector.

“To plan for Sydney’s growth, we must provide sustainable, affordable and diverse housing stock for those who need it, where they need it,” he said.

“The NSW Government is working to improve the planning system to ensure that, as NSW grows, the community reaps the benefits of that growth through improved housing diversity and choice, more jobs close to home and better infrastructure and public facilities.”