The Northern Territory may be the next place to invest, according to new recent results about the strength of the NT economy.
A report released by the Commonwealth bank forecasts a bright future for the territory, largely on the back of the resource boom.
“The “State of the States’ report shows the Territory second in the nation for low unemployment and retail spending, while posting economic growth almost 15% above the decade average,” Treasurer Delia Lawrie said.
The report suggests that a recovery is underway in the construction sector, with work in the December quarter of 2011 up by 43 per cent on the previous year. This clocked in as the fastest growth in the nation.
“In welcome news for all Territorians, the report predicts ‘huge multiplier effects’ from the Ichthys project will flow through the Territory economy,” she said.
The “State of the States” report ranks the states and territories on performance currently against their average over the last decade.