Building Approvals drop again

ABS data for December building approvals show further declines. Seasonally adjusted approvals fell 1.2% m/m for a fall of 11.4% over the year. In December house approvals were down 2.2% from Nov and dropped 9.8% from this time a year ago while unit approvals fell by just 0.1% for the month but are down 13.3% from a year ago. The less volatile Trend series has total approvals down 2.5% for December and falling 13.2% from a year ago.

In QLD the declines are even greater. Although seasonally adjusted approvals fell just 0.1% m/m they were down 26.1% over the year. In December house approvals were down 2.1% for the month and dropped 12.9% from this time a year ago, while unit approvals rose in December by 3.5% they were down 41.3% from a year ago. The less volatile Trend series has total approvals down 4.9% for December and falling 29.0% from a year ago.

Regional approvals data will be released next week at which time we shall update our Conus Trend series for all SA4 regions and our local LGAs.

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