A new analysis by AEC Group has found that, by creating more than 390,000 jobs, the property industry has overtaken health care and social assistance as the biggest direct contributor to employment in NSW by industry.
The analysis found that employment in the property industry has grown by 25 per cent, mirroring a national trend.
It found that the property industry contributed approximately $20.9 billion to NSW tax revenues – more than half (54.1 per cent) of the total collected.
Property Council NSW executive director Jane Fitzgerald said that the new research shows how vital the industry is to creating jobs and communities.
“Property is now the biggest provider of jobs in New South Wales,” Ms Fitzgerald said.
“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.
“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.”
She added that the data highlights the “interlinked benefits” of a strong property industry.
“Our industry creates assets which are important for every community and helps shape our cities for the future,” Ms Fitzgerald said.
“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.”