Yesterday saw the release of the ABS Regional Building Approvals data for December. The ABS provide the data only as an unadjusted monthly series, so we prefer to study our own Conus Trend to get a meaningful picture.
In the Cairns region (including Douglas Shire) the ABS reported just 55 approvals which saw the Conus Trend tick up slightly to 74, but only after November was revised sharply down from 88 to 73. Over the course of the year the Conus Trend showed an increase of 22.8%.
In Townsville, where a construction slowdown is now well entrenched, total approvals were just 42 (the lowest monthly total since Jan 2011) and the Conus Trend fell to 74, while November was revised sharply lower to 75 from 83. Over the course of the year the Conus Trend showed a decline of 42.4%!
The situation in the Cassowary Coast also continues to slide, Original data showed just 3 approvals for the month and the Conus Trend static at 6 (while November was revised down from 7). Over the year the Trend has fallen by 39.6%.