The property industry now employs more people than any other sector in NSW, according to new analysis by AEC Group released today.
Creating more than 390,000 jobs, the property industry has overtaken health care and social assistance as the biggest direct contributor to employment in NSW by industry.
Employment in the property industry grew by 25 per cent from 2013-14 to 2015-16.
They say this mirrors a national trend which shows that nationwide property is now Australia’s biggest employing industry.
Property has also extended its lead as the biggest direct contributor to Gross State Product (GSP), totalling $63.4 billion in 2015-16, an increase of $8.9 billion since 2013-14. It has the largest economic footprint of any sector of the NSW economy.
The industry contributed approximately $20.9 billion to New South Wales Government tax revenues in 2015-16, 54.1 per cent of the total collected.
Property Council NSW Executive Director Jane Fitzgerald said the new research shows how vital the industry is to creating jobs and communities.
“Property is now the biggest provider of jobs in New South Wales,” Ms Fitzgerald 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.
“This data highlights the interlinked benefits of a strong property industry – construction activity not only helps boost supply and take the pressure of house prices, it also creates jobs.
“Our industry creates assets which are important for every community and helps shape our cities for the future.
“Property is a broad, solutions-orientated industry.
“Together, we’re focused on finding the best ways of meeting the challenges our industry is uniquely placed to respond to.
“Our industry is focused on helping people access housing that’s affordable and creating cities with good infrastructure, jobs and services that make them more liveable.
“Australian property companies are already world leaders on sustainability and we want to raise the bar higher still on the energy performance of our buildings.”
For seven years running Australia’s largest property companies have ranked first in the world in environmental, social and governance performance on sustainability according to the international GRESB survey.
The release of the AEC Research analysing employment and economic activity by industry sector also marks the launch of a community-facing campaign by the Property Council working with our members to tell the compelling job creation story of our industry.
Creating for Generations highlights the scope of the property industry, encompassing everything from residential to retirement, retail to office and industrial, and its role as Australia’s biggest generator of jobs and economic activity.
Direct Contribution to Gross State Product by Industry, 2015-16 ($ Billion)
Direct Contribution to Employment by Industry, 2015-16 (‘000 FTEs)
