Economic growth is now deemed the weakness in NSW rather than construction, whilst the job market remains its strength. Nonetheless, economic growth in NSW is up by almost 11% on its average output in the last ten years. CommSec believes that the combination of low unemployment and rising population growth in NSW will boost housing activity in NSW in 2013.
This January 2013 edition of Economics Indicators: NSW updates statistical information on key economic indicators, thereby presenting an updated snapshot of the NSW economy and providing relevant points of comparison with other Australian States and Territories. Statistics are updated to the end of the most recent quarter available. Most indicators have thus been updated to include the September or December 2012 quarters. However, data on wages is now released on a biannual basis and so there are no changes to the section on wages in this edition.
For New South Wales, the direction in which the quarterly averages for each indicator moved since the October 2012 edition is summarised on the following page. There was no change in the unemployment rate.