Tasmania's jobless rate has hit a 39-month low at 6.5 per cent and the state is now ranked second on unemployment.

Another "brighter sign" according to Commsec's State of States report is home building starts which are up 50 per cent on a year ago.

This is the fastest growth rate in 12 years.

The positivity is shared by Deloitte Access Economic's latest Business Output which said Tasmania's "economy is looking better than it has in years."

" While not roaring back to life, Tasmania has been recording growth at a fairly consistent and solid clip," it said.

And while the mining boom death has Western Australia in a fiscal panic the reality in Tasmania is more "happy".

"It didn't benefit much from the resources boom to date, meaning that it also has little to lose as commodity prices crater and mining-related construction drops off a cliff," it said.

Two years of economic stagnation from 2010 to 2012 means the state is benefiting "from its own natural rebound".

Deloitte believes there could be further good news over the longer term for Tasmanian exporters with a low dollar and the Japanese and South Korean free trade deal as well as increases in economic co-operation with China.

Projects under way in the engineering construction sector in the Investment Monitor database has almost doubled to around $2.7 billion.

"That's a record for Tasmania, and it is also the first time that the value of current project activity has exceeded $2 billion," the report said.

But it's not all smooth sailing for the state.

Weak population growth continues to be an "albatross" around the state's neck.

Treasurer Peter Gutwein said the positives were a clear indication of the government's policy strengths and "working co-operatively with businesses and industry".