Rapid growth in the Northern Territory

Those considering to direct their investment funds in Australia, may find what they are looking for, as there is rapid growth in the Northern Territory.

A recently-released Deloitte report (April 24) has forecast economic growth in the state to increase by 4.4 per cent over the next five years.

The Deloitte Access Economics’ March quarter 2012 Business Outlook indicates the Northern Territory as the second fastest growing state in Australia and deemed its performance above the national rate of 3.2 per cent.

“This rapid growth in the Northern Territory is expected to be driven by private construction investment, private housing investment and international exports,” said territory treasurer Delia Lawrie.

The population is also expected to grow by 1.8 per cent in the same time period, increasing market size and encouraging further development.

Meanwhile, the NT government is also committing $28 million dollars towards upgrades to road infrastructure in the region.

The funds will go towards infrastructure, road safety, flood prevention and other key areas of road construction.

Minister for lands and planning Gerry McCarthy expects the development to bring a range of benefits to the area.

“Not only will these works better the driving experience for our families, tourists and truckies, they will also provide jobs opportunities for locals and suppliers,” he said.

Deloitte also expects employment to grow by 1.8 per cent in five years, giving Australians looking for work something to consider.

Resources in the area are contributing to the projected prosperity, as are the investments into health, education and infrastructure.

Recent efforts to improve labour skills in the region with scholarships and state programs also aim to keep future talent in the territory.

A resulting diversified and dynamic economy will foster further opportunities in property investment throughout the region.

By Steve McKnight

Steve McKnight, the founder of PropertyInvesting.com, is a respected property investing authority as well as Australia's #1 best-selling business author.