Victoria’s Economy Continues to Bounce Back with More Jobs
After a few months of lockdown, industries have opened back up including the building and construction industry. While this is a positive step in the economy’s recovery, those who were severely hit and affected by the pandemic had to start from scratch. Good thing that there are more reasons to be optimistic than ever before.
The state of Victoria has created more jobs than anywhere else in the country according to a recent study by the Australian Bureau of Statistics released – with about 43,000 individuals finding employment in January alone. For over three months, the total has reached 170,000 which is an incredible figure considering the challenges that we all faced last year. This figure shows that the state of Victoria is ahead in terms of employment which is something to be very excited about.
According to the results, the unemployment rate dropped as well from 6.4 national average points to 6.3 percentage points. Victoria’s participation rate in terms of the job market also made such an impact with the surge to 66.7 percent, which is just a little below the all-time record of 66.8 percent before the pandemic took place.
The building and construction industry has been considered such an important part of the economy’s recovery especially after the pandemic’s impact. More projects would mean more jobs created, so the government is really trying its best to support these projects by creating initiatives that could get more people to work. The rebuilding that is currently taking place includes more than a $13 billion commitment announced last year for businesses and families.
The Labor Government’s budget for 2020/2021 put a prime on creating more jobs with the Jobs Plan as the top priority, because of the need for certainty and security. Hillbrook Projects believes that to quickly bounce back from the pandemic’s impact, it’s important to make sure that people who have lost their jobs especially women, young people, and Victorians without a formal qualification but with plenty of experience get another shot at finding permanent work.
With Victoria becoming the employment capital of Australia, it gives Victorians more reasons to be more optimistic about the future. Treasurer Tim Pallas adds, “"Today’s figures are further proof that the Victorian economy is bouncing back strongly – we are well on our way to achieving our goal of creating 400,000 jobs by 2025."
It’s still important that Victorians practice safety protocols to fully enjoy that promise of this news.