The Northern Territory is showing promising signs of economic resurgence, topping the nation for annual economic growth, according to the latest CommSec State of the States report.
The Territory posted an impressive 10.2 per cent economic growth over the past year - the highest of all jurisdictions and well above the next best, the ACT up 3.6 per cent, South Australia up 3.1 per cent and NSW up 3.09 per cent.
The NT also leads the country in annual construction growth, up 5.5 per cent, and has taken the top spot in annual home lending with a 30.1 per cent surge. Dwelling starts have also skyrocketed - up 42.4 per cent year-on-year - trailing just behind Western Australia’s 42.9 per cent rise.
House prices in the NT are up by 6 per cent - ranking fourth in the nation - while retail trade rose modestly by 0.6 per cent. Jobs growth also edged higher by 1.26 per cent.
The Northern Territory’s population growth of 1.21 per cent reflects steady upward momentum, and when viewed relative to its decade average, the Territory leads the nation - highlighting its growing appeal as a place to live and work.
New equipment investment in the NT fell 26.4 per cent over the past year, reflecting a pause following earlier peaks and offers room for future growth.
Despite being eighth on three indicators, the Territory’s sharp climb to third place nationally in annual economic momentum signals a strengthening economy and growing investor confidence across key sectors.
