A major construction windfall in the pipeline for one of the nation’s smallest states could present potential opportunities for investors, according to recent Australian Bureau of Statistics figures.
Tasmanian premier Lara Giddings, said that the predicted figure of construction and engineering activity totaled $758 million in March, or an 81 per cent increase for the quarter.
This is one of the largest increases on record, following a flat period for the construction industry and is a ‘strong sign’ of a recovery and a ‘confidence boost’ for the Tasmanian economy, Ms Giddings said.
Many of the major projects will be concentrated within Hobart, with some underway or about to commence.
This includes the Institute of Marine and Antarctic studies, set to be complete mid 2013, a $44.7 million build for the Menzies Research Institute in Hobart, a $100 million redevelopment of Hobart’s Myer and a$35 million renovation for the Tasmania Museum and Art Gallery, Hobart.
Bunnings have also recently confirmed plans to build a second store in Launceston.
Australian Property Monitors’ senior economist, Andrew Wilson, said that a number of statistics are surprising for Tasmania.
“I didn’t think I’d be saying this, but it looks like there’s an upturn after such a long flat period,” Mr Wilson said of the recent property and economic environment.
“But we need to make sure that this isn’t a ‘false start’ for the Tasmanian economy and that it will continue on.”