Today’s release of the regional building approvals data for November from the ABS doesn’t provide any good news for our region (not surprising given the general weakness at a state level seen last week…see here for details).
The unadjusted regional data is best seen through the prism of the Conus Trend series. When we consider the SA4 regions we see Cairns approvals static at 59 (after Oct was revised lightly higher), but this represents a 47.8% decline from the Trend level 12 months ago. Townsville Trend approvals fall slightly to 75 (although Oct was revised up from 73 to 76), which is 8.6% lower than its level a year ago.
If we consider the comparison between Greater Brisbane and the Rest of Queensland we continue to see the dramatic impact of the decline in unit approvals being felt disproportionately in Greater Brisbane, as one might expect.
The full data set of Conus Trend Building Approvals for all the SA4 Regions in QLD is available for free download below. Please feel free to use this data for non-commercial use but we would appreciate you acknowledging Conus when you do so.
When we look at the Conus Trend data for the Local Government Regions we also see things slightly weaker. Townsville City Council fell to 65 (from an unrevised 67 in Oct); Cassowary Coast Regional Council was steady at 5 (after Oct was revised down); Cairns Regional Council (incl Douglas Shire) also fell, to 37, with Oct revised weaker to 38 from 42; and Tablelands Regional Council (incl Mareeba Shire) was the only bright spot with approvals rising to 25 after Oct was revised up to 23.