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Statement of Intent 07/10

Contents

Part A: An overview of our strategy

Part B: Current year forecasts

Part C: Additional information

Labour market

The strong domestic economy has put increasing demands on the labour market with a low seasonally adjusted unemployment rate of 3.7 percent in the year to December 2006.

During the December 2006 quarter 191,700 people were employed in the construction sector. The number of people employed in the construction sector today is about 1.64 times what it was in early 2001. This rise in construction employment is in tandem with the growth in the construction sector, reflecting industry confidence and sustained high demand over the last 5 years.

Number of people employed in the construction industry: 1996 - 2006.

Department of Labour information suggests continued growth in construction sector employment, with an increase in the number of building-related job vacancies advertised since November 2006 compared to the same time a year ago.