Property industry now Australia’s biggest employer
From high finance to blue-collar trades, the property industry employs more people in Australia than any other industry.
The property industry now employs more people than any other sector, according to new analysis by AEC Group released today. Creating more than 1.4 million jobs, property has overtaken health care and social assistance as the biggest direct contributor to employment in Australia by industry.
Employment in the property industry grew by 22 per cent from 2013-14 to 2015-16.
Property has also extended its lead as the biggest direct contributor to GDP, totaling $202.9 billion in 2015-16, an increase of $20.4 billion since 2013-14. The industry contributes some $87.9 billion annually in combined Australian, state, territory and local government tax revenues, an increase of $15.8 billion over the same period. Property Council Chief Executive Ken Morrison said the new research shows how vital the industry is to creating jobs and communities.
“Property is now the biggest provider of jobs in Australia,” Mr Morrison said. “More than 1 in 4 wages rely on our industry – that’s a huge contribution to the livelihoods of individuals and families across the nation. “These are white-collar and blue-collar jobs, from high finance to skilled trades, and from construction to the managers of the most sophisticated commercial properties. “This data highlights the interlinked benefits of a strong property industry – construction activity not only helps boost supply and take the pressure off house prices, it also creates jobs for over 1.4 million Australians. “Our industry creates assets which are important for every community and helps shape our cities for the future. “Property is a broad, solutions-orientated industry. “Together, we’re focused on finding the best ways of meeting the challenges our industry is uniquely placed to respond to. “Our industry is focused on helping people access housing that’s affordable and creating cities with good infrastructure, jobs and services that make them more liveable. “Australian property companies are already world leaders on sustainability and we want to raise the bar higher still on the energy performance of our buildings.”
The release of the AEC Research analysing employment and economic activity by industry sector also marks the launch of a community-facing campaign by the Property Council working with our members to tell the compelling job creation story of our industry.
Creating for Generations highlights the scope of the property industry, encompassing everything from residential to retirement, retail to office and industrial, and its role as Australia’s biggest generator of jobs and economic activity.