Employment figures strong in Victoria
Property investment prospects in Melbourne may be supported by recent figures from the Australian Bureau of Statistics.
Victorian treasurer Kim Wells reported that employment in the state grew by 13,500 jobs in May and despite weakening global conditions, the economy has shown resilience.
"Victorian employment has now increased by 49,000 jobs in the past three months," Mr Wells said.
"Of the 38,900 jobs created nationally during May, 34.8 per cent or 13,500 of them were
created in Victoria."
In a state typically outside the major areas of resource growth, the results are quite significant.
"Victoria’s participation rate increased for the third consecutive month, rising by 0.3 per
centage points in May to 65.8 per cent."
Melbourne property investment may be encouraged by the news, as recent economic diversification strategies and industry-targeted investment seems to be proving successful.
Development projects planned for the central business district and increased trade with the growing economies of countries such as India may also help to support growth.
Investment into tourism as well as research and development has also been amplified throughout Victoria in recent months.
Posted by Sara Pritchard
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