August 7, 2008
The Tamworth region has recorded another year of growth with council figures showing over $211million in development approvals last year.
Statistics released by Tamworth Regional Council today put the value of new homes approved in 07/08 at $61million with commercial development at nearly $36million in the same year.
TRC general manager Glenn Inglis says the latest figures show continued high levels of building activity for the past year despite some depressed market figures in other areas.
'It's the fourth year of overall growth and it shows sustained development activity and a robust regional economy," Mr Inglis said.
"When you consider that we've had high interest rates and high inflation and a general flat feeling nationally but we've seen growth continuing in the Tamworth region, it's an interesting and a comforting point."
TRC says there's been $211.63million in development applications and investment projects approved from July 07 to June 2008, compared to the previous 06/07 period when TRC approved building development of $191 million.
There were 270 applications for new homes last year about the same as last year but residential building was swollen by another $24million in unit and dual occupancy approvals for some 148 dwellings, by $17million in additions and alterations and nearly $20million in aged housing.
Mayor James Treloar said building was really boosting regional growth.
"We're not isolated from the rest of the world at all but our regional economy seems to have powered on and maybe to some extent that's because it's ridden a wave of solid activity in building and development," Mr Treloar said.
Home building development value is up across the board, commercial is down, industrial is up and subdivision lots released is down but that's off the back of some record big years of new subdivisions being created, like those around Forest Hills.
"With subdivisions, there's no worry about the downward trend, because what you're seeing is more people starting to build houses on those blocks as they've been released."
Mr Inglis says the new development figures bucked the trend in metropolitan and capital city areas and in some business sectors where there had been a downturn in development activity.
"What we're seeing from these figures is a continuation of the growth we've had over the past few years particularly in relation to investment in new infrastructure."
He said business could take comfort in the fact that commercial activity, although down about $20million on last year, was being bolstered by more industrial development and very strong investment in unit and dual occupancy building and aged housing activity.
Last year's commercial figures were fuelled by some big ticket projects like the $30million Australian Equine and Livestock Events Centre and the comparable Centrepoint retail shopping complex. This year's development list includes applications for substantial works in new aged housing and some 286 different applications for commercial development as against only 85 the previous year and 11 for industrial development valued at nearly $3million.