ABS released their monthly unadjusted regional building approvals data for October this morning and we have updated our own Conus Trend series. Given the declines at a state level it is little surprise to see Trend approvals in our region also falling.
At the SA4 level we see Cairns Trend approvals fall to 58 (after an unrevised 61 in Sept) and Townsville drop to 73 (after Sept was revised up from 69 to 74).
As the chart below makes clear, the declines are actually more dramatic in Greater Brisbane than the Rest of Queensland. Although is to be expected given the sharpest falls have been he units sector which is that much more important in Greater Brisbane than in the regions.
When we consider the data at a Local Government level in our region we see the Trend weakness confirmed in most areas. Cairns Regional Council (including Douglas Shire) has dipped to 42 (after Sept was revised up to 43) a decline of 42.2% from last year; the Cassowary Coast remains stable at 6 (although Sept was revised down from 7) down 30.3% y/y; the Tablelands (including Mareeba Shire) was the only positive with Trend up to 21 (after Sept was revised up to 20 from 17) for a y/y increase of 4.2%. In Townsville City Council we saw a decline to 66 (although Sept was revised up from 62 to 68) which is a 12.3% drop from this time last year.
The full data set for the SA4 regions in QLD is available for free download below. Feel free to use this data for non-commercial use although we would appreciate you acknowledging Conus when you do so.