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Building Approvals for January have defied expectations of a decline and bounced 1.8% for the month (seasonally adjusted), although this is still a 12.0% decline for the year. On the more stable Trend basis approvals fell 2.1% for the month and were down 15.5% over the year.
As has been the case for some time, the major contributor for the declines are coming from unit, rather than house, approvals which are down 22.7% for the year (Trend); house approvals have fallen just 8.5%.
In Queensland the slow down is more dramatic. The seasonally adjusted data showed a 11.9% drop for the month, 45.4% down for the year. The Trend series was down 38.0% for the year. However, here the impact of the unit approvals slowdown is even more marked. On the Trend basis unit approvals are now down 64.7% from the same time last year, while house approvals have fallen 6.5% (less then the national drop). The second chart below makes clear the impact of the unit approvals boom and bust over the past two years on the total Queensland numbers.
We are proud to have CBC Staff Selection as supporters of the Conus/CBC Staff Selection Trend Employment and Jobseeker data series
March 2nd, 2017 at 3:54 am
Not unexpected given the massive amount of stock that has been built recently and is still under construction. Still that drop in units is striking.
March 2nd, 2017 at 5:14 am
Yep…quite shocking, but still plenty of building already underway. Cheers, Pete