Building Approvals dip (as expected) after last month’s surge

ABS data released today for Feb show building approvals reversing some of the strong growth seen in Jan (as had been broadly expected). On a seasonally adjusted basis Feb saw a 3.2% decline (driven by a 6.6% dip in unit approvals) for a 14.3% increase over the year. The less volatile Trend series, and generally more reliable measure given the fluctuations caused by unit approvals, showed a 1.6% increase after Jan’s 2.0% jump (revised from +1.3%).

Last month QLD led the approvals charge with a jump in unit approvals. Not surprisingly this has been largely reversed out this month. Feb seasonally adjusted data showed a 30.6% dip (unit approvals feel 45%), although this still leaves approvals up 12.2% on the year. Trend analysis shows an increase of 2.1% (down from 2.5% in Jan, itself revised from 2.6%) for an annual change of 15.6% (the strongest annual Trend growth since Jul ’14).


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