NSW soars in terms of economy, 29.5K more jobs added

New South Wales, one of Australia’s top-performing state in terms of economy, has underscored the title by adding another 25 percent on job counts. This has not only led to soaring job availabilities within the state, but also around the rest of the nation in the past six months.

According to Bureau of Statistics employment trend figures, NSW has added 85,600 jobs while other states have added only about 68,900 jobs since January, and in the last month, NSW alone added 29,500 jobs. Meanwhile, unemployment rate has been recorded the lowest in NSW for almost two years and is currently valued at only 6 percent.

Another instance of NSW’s robust market is the labour participation rate, which has now recorded an all-time high. The housing sector is boosted by state’s strong economic performance as number of building approvals in the state has increased in leaps and bounds. As a result, this has increased employment in construction related work, recording a 20-year high.

The average increase in housing prices in NSW has been moderate and healthy, unlike Sydney, which is facing high surge in housing prices.

NSW has also benefitted with the super-low interest rates that keep the households more indebted to the state and weaker Australian dollar has helped important sectors of the NSW economy including tourism, international education and professional services.

Robust population growth is also a reason that can be attributed to the state’s growth.

Cherelle Murphy, ANZ's co-head of Australian economics, said NSW has been preparing for a greater good."The ducks are all lining up for NSW," she said. She believes that this growth will sustain through and not going “to all turn around quickly.”

According to a research by ANZ, the employment growth in NSW over the past five years has been driven by four powerhouse service industries: education, hospitality, health and professional services.

"About 75 percent of total jobs in NSW have come from those four sectors," Murphy said. NSW became the nation's strongest-performing economy beating Western Australia last year, State of the States report by stockbroker CommSec showed.

Contact the writer at feedback@ibtimes.com.au, or let us know what you think below.