Employment on the Rise Amid Business Growth Forecasts
The Northern Territory continued to lead the nation in full-time employment growth, according to the latest data from the Australian Bureau of Statistics (ABS).
The ABS reported on March 13 that full-time employment rose 0.9 per cent in NT during February. Part-time employment also saw an increase, rising 0.1 per cent.
While trend unemployment remains at 6 per cent across the country as a whole, the rate is 3.7 per cent in NT.
“We are way and above the rest of Australia for jobs growth,” said Treasurer David Tollner in a March 13 media release.
“In annual terms, the Territory’s trend resident employment jumped by 7 per cent between February 2013 and February 2014. Nationally, the annual trend employment growth increased by just 0.5 per cent.”
Meanwhile, the latest Manpower Employment Outlook Survey indicated the second quarter of 2014 will continue to see increases in staffing. The sector forecast to see the biggest rise is finance, insurance and real estate.
For commercial property investors in NT, this could translate to great news. A steady rise in the finance, insurance and real estate sectors would seem to indicate a growing demand for office space.
With a current over supply in office property in the Darwin CBD we could start to see an increase in leasing activity. Outer lying suburbs in Winnellie and Yarrawonga are also poised to continue with strong demand.