Victoria’s building boom is already paying dividends, with the value of infrastructure projects in the state growing by $18 billion or 20.5 per cent over the past year.
The latest quarterly Investment Monitor report from leading economic forecaster Deloitte Access Economics shows Victoria has enjoyed the highest growth of the mainland states in the year to March 2019.
The Victorian Government is delivering a massive pipeline of infrastructure investments, including removing level crossings and building the Metro Tunnel and the West Gate Tunnel.
They are among the 100 projects currently underway at the end of the March 2019 quarter, with DAE estimating their worth at a total $42.7 billion.
Victoria’s strong result was achieved despite the value of national investment projects declining by $62.4 billion (8.3 per cent) over the year.
The total value of projects planned and underway in Victoria has now reached $105.6 billion, up by $2.1 billion in the March 2019 quarter.
The DAE report follows just days after Commsec’s latest State of the States report, which showed Victoria outperforming the nation, with construction work done at 33.1 per cent above the decade average.
The Victorian Government has more than doubled infrastructure investment to an average of $10.6 billion annually over the four years to 2021-22 compared to the long-run average.
In more good news for Victoria’s economy, a total of $37.9 billion worth of private sector projects are currently planned or underway across the state, according to DAE’s report.