4 December 2010
Residential building figures showed a modest 10% increase across the Tamworth Regional Council area last year despite the global financial crisis and a slowdown in investment activity.
Development statistics compiled by Tamworth Regional Council show that the number of applications considered by Tamworth Regional Council for residential building, including new houses, multiple and dual occupancy projects, and additions reached 771 and a value of $137.8 million.
This was 10.24% up on the 2007/2008 figure of $125 million.
TRC general manager Glenn Inglis has described the figures as heartening and even wonderful, in the light of the ravages of the global financial crisis and the depressed building market in other parts of the country.
The Tamworth figures highlighted the resilience and solid investment base of the regional economy and showed just how strong and capable it was in sustaining growth and development.
“When you consider the past 12 months and the effect of the global financial crisis everywhere else, then any increase, even when it’s not substantial, is wonderful for our regional economy,” Mr Inglis said.
“It’s telling us that at a minimum we have sufficient confidence to invest in Tamworth. Even though we’ve had a severely depressed market, we’ve seen a slight increase in building activity.
Overall, Tamworth Regional Council statistics show that there was a 10.43% increase in all building and construction activity, including subdivisions, to $233million in 2008/2009 compared with the 2007/2008 figure of $211million.
It was the fifth consecutive year of growth in the development approval figures for the region.
'Over the last five years we’ve had an increase every year in the council region. That’s the reason why we have one of the strongest growth rates in regional NSW. That building activity is showing sustained development and a robust regional economy," Mr Inglis said.
"When you consider what we've seen in other parts of the world and nationally, it's a great result and a satisfying one."