The construction sector in Victoria is providing economic stability for the state following the publication of figures from St George Bank.
Growth in Victoria has fallen below the five-year average, with only new construction projects helping to provide a boost to the figures and stopping the slide from worsening, the Herald Sun reports.
Gross state product for Victoria is predicted to be 2.5 per cent in 2011, with the figure unlikely to surpass the three per cent mark for the next four years.
However, a spokesman for the state government admitted the economy faced challenges, but told the publication it showed considerable resilience given the ongoing financial difficulties seen around the world.
Meanwhile, economist Besa Deda recently told the Herald Sun a concerted recovery in Victoria's property market is likely to take place in 2012.
She claimed Australian domestic growth is likely to pick up next year and this will have the knock-on effect of boosting business and construction investment.
Posted by Craig Francis
Growth in Victoria has fallen below the five-year average, with only new construction projects helping to provide a boost to the figures and stopping the slide from worsening, the Herald Sun reports.
Gross state product for Victoria is predicted to be 2.5 per cent in 2011, with the figure unlikely to surpass the three per cent mark for the next four years.
However, a spokesman for the state government admitted the economy faced challenges, but told the publication it showed considerable resilience given the ongoing financial difficulties seen around the world.
Meanwhile, economist Besa Deda recently told the Herald Sun a concerted recovery in Victoria's property market is likely to take place in 2012.
She claimed Australian domestic growth is likely to pick up next year and this will have the knock-on effect of boosting business and construction investment.
Posted by Craig Francis
