Property is powering the economy
THE property industry is officially Australia's largest employer.
According to research by AEC Group, the property industry accounts for more than 1.4million jobs - taking over healthcare and social assistance as the nation's largest employers.
The industry also contributed $202.9billion to GDP in 2015-16 - an increase of $20.4billion since 2013-14 - extending its lead as the biggest direct contributor to GDP.
In NSW, the property industry also contributed approximately $20.9billion to State Government tax revenues in 2015-16 - more than half the total collected.
"More than one in four wages rely on our industry directly or indirectly - that's a huge contribution to the livelihoods of individuals and families across the state,” Property Council NSW executive director Jane Fitzgerald said.
"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.”