The property industry now employs more people than any other sector in New South Wales, creating more than 390,000 jobs, according to new analysis released on Monday by AEC Group.
Property has overtaken healthcare and social assistance as the biggest direct contributor to employment in NSW by industry, growing by 25% from 2013-14 to 2015-16, and has extended its lead as the biggest direct contributor to GSP, totalling $63.4bn (an increase of $8.9bn) since 2013-14.
The sector also directly contributed $202.9bn to the GDP in 2015-16 (13% of the total contribution from all industries in Australia). The sector was estimated to have contributed a further $254bn to the national GDP via flow-on demand for goods and services.
Property was a major source of revenue for the Berejiklian government, contributing approximately $20.9bn to the state’s coffers in 2015-16, or more than 54% of the total.
Jane Fitzgerald, NSW executive director for the Property Council of Australia, said the new research demonstrates how instrumental the industry has become to creating jobs and building up communities.
“Property is now the biggest provider of jobs in New South Wales,” she said. “More than 1 in 4 wages rely on our industry directly or indirectly – that’s a huge contribution to the livelihoods of individuals and families across the state.
“These are white-collar and blue-collar jobs, from high finance to skilled trades, and from construction to the managers of the most sophisticated commercial properties.
Nationwide, roughly 26.9% of wages and salaries paid to Australian workers are generated by the property sector.
“This data highlights the interlinked benefits of a strong property industry. Construction activity not only helps boost supply and take the pressure [off] house prices; it also creates jobs.
“Our industry creates assets which are important for every community and helps shape our cities for the future.”
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