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Wednesday, November 30, 2005

Tasmania?s Economy Maintains Momentum -

Tasmania?s Economy Maintains Momentum - Lara Giddings, MHA - Tasmanian Government Media Releases

Building and retail figures released by the Australian Bureau of Statistics (ABS) today confirm Tasmania?s economy continues to grow strongly.

Economic Development Minister Lara Giddings said that ABS retail trade data for October 2005 and preliminary data on construction work done for the September quarter 2005 demonstrate the sound economic management of the Lennon Labor Government continues to make Tasmania a great place to work, invest and live.

?The total value of construction work done in Tasmania during the year to September 2005 was slightly more than $1.5 billion, which is 15.9 per cent above the level of the previous year.

?Tasmania?s performance is even better when compared with the national increase in the value of construction of 12.3 per cent.

?Residential building work in Tasmania increased by 15.0 per cent to $602.3 million for the year to September 2005.

?The increase in the residential sector is not surprising when our strong and steady population growth is taken in to account.

?The strength of the building sector is a good gauge of the ongoing strength of the State?s economy.

Ms Giddings said the good economic news is not confined to the building sector.

?Tasmanian retailers have had a very good year also,? Ms Giddings said.

?The growth in Tasmania?s retail trade is more than double that of the rest of Australia.

?The nominal value of retail trade in trend terms in Tasmania rose to $380.4 million, an increase of 7.2 per cent above the level recorded one year earlier.

?Growth was recorded for most components of retail, including clothing and personal items and households goods.

?These categories traditionally rise when people are feeling confident in the future.

?These growth figures are a tribute to the innovation of those in the Tasmanian building and retail sectors and a reminder that a stable and economically sensible State Government is vital for business to succeed and to create jobs for Tasmanians.?


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