There’s wealth in hot industry
THE Geelong property industry employs more than 10,000 people who are paid almost $650 million a year, according to figures released by an industry advocate.
The Property Council of Australia said the 10,774 people in the industry in Greater Geelong generated total economic activity of $1.261 billion.
The figures, which include tradies on building and construction sites, real estate and building services as well as financial and professional services, highlight the economic importance of the property industry.
“Nationally, the property industry is the largest employer in Australia, supporting 1.4 million jobs, which is more than mining and manufacturing combined,” Property Council deputy executive director Matthew Kandelaars said.
“We see this every day in our local communities where our industry is driving economic activity and investment as it builds great places for current and future generations to live, work and play.”
The figures show that on the Surf Coast, 1758 people were paid $99 million and generated total economic activity of $192 million.
The Property Council also provided a breakdown by state and federal electorates.
In Corangamite, 7096 people were paid $410 million, while in Corio 8445 were paid $516 million.
At the state level, the industry employs 331,000 people, the council said.
The property industry is also a significant contributor to government revenues through state and local government taxes.
The industry paid about $14.4 billion to government tax revenues in Victoria in 201516, 57.5 per cent of the total collected.