According to Australian Bureau of Statistics (ABS) figures published on Thursday, 1300 more people in the Illawarra region found work in the March quarter compared to the same time last year. 

This caused the Illawarra’s average unemployment rate for the March quarter to decline by 0.9 per cent to 4.9 per cent relative to the same time last year.

“The figures published today reinforce the trend of falling unemployment for the region over the past 10 years, and underscore the strong economic conditions present in the region,” Alex Frino, Professor of Economics at the University of Wollongong said.  

Prof Frino said the reduction in unemployment for the region is in sharp contrast to that of NSW. 

“The average March quarter unemployment figure for the Illawarra of 4.9 per cent, while subject to statistical error which causes considerable volatility in the numbers from one month to the next, is lower than that of broader NSW which is sitting at around 5.3 per cent,” he said. 

The Illawarra's labour force size for the March quarter remained steady compared to the same time last year at 150,000 people. 

Prof Frino said the new figures are a result of the continuing construction boom in the region, which is underpinned by historically low interest rates and the continued strong increase in real estate prices in the Illawarra.

“While the trend is likely to continue over the short-term, the longer term picture is still unclear,” he said. 

“We can expect a strong indication of what lies ahead when March quarter building approvals data is published early next month and the position taken on interest rates by the Reserve Bank over the coming months.” 

Prof Frino said the consensus among economists was that if an interest rate rise was to occur, it would likely be at the end of this year or in early 2019. 

Read More: Some good news for Illawarra first home buyers in 2018

Illawarra manufacturing jobs fall by 36% in five years: census