The US economy grew at a 2.8 percent rate in the second quarter, markedly higher than analysts expected
AFP

South Australia has yet again secured the topmost standing in Australia's economy for the third consecutive financial quarter, thanks to its strong job market and an active construction industry.

Every quarter, CommSec, Australia's online stockbroking firm, evaluates the performance of each state and territory on several metrics such as economic growth, retail spending, and unemployment. The report compares current figures with the averages of past years to determine which states are exceeding and which are maintaining the "normal" level.

According to the recent Commsec State of the States report, South Australia ranked first in three key areas -- low unemployment relative to other states, the amount of construction work completed, and the number of new housing projects started -- catapulting the state to the top spot, according to Newsroom.

South Australia scored better than other states in terms of new housing developments, building activities, and low unemployment rates, according to Ryan Felsman, senior economist at CommSec.

"Across the country, the economic performance of Australia's states and territories is being supported by both strong employment and population growth, at a time of higher-than-desired price inflation," he said, according to Nine News.

Victoria was third, the ACT was fourth, Queensland, Tasmania, and New South Wales, which had tied for fourth, fell to fifth, sixth, and seventh place, respectively, and the Northern Territory was eighth.

"Across the country, the economic performance of Australia's states and territories is being supported by both strong employment and population growth, at a time of higher-than-desired price inflation," said Felsman. "South Australia's continued high-ranking is being driven by a solid job market and construction activity. ... While South Australia retains first place, Western Australia is seeing the strongest annual economic momentum, so it will be interesting to see how this plays out in the coming quarters."