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Residential building approvals data for January showed a lift of 17.1% m/m for a 12.0% gain on the year (seasonally adjusted) after some big falls in December. However, when considering this highly volatile and lumpy data series we much prefer the Trend series and here we see a 0.1% m/m lift and a more reasonable (and believable) 6.9% increase for the year.
In Queensland things came in even better with the seasonally adjusted series up 7.0% m/m and 24.5% y/y. Again, the Trend is preferred and this showed a 1.1% increase for the month which equates to a lift of 9.1% year on year. We should note that unit approvals have increased by 20.6% for the year and, while they have certainly fallen from highs seen in 2015, the Trend has increased for the past 5 months. It would appear that the units boom-and-bust may have run its course with approvals now starting to settle down at a more “normal” and sustainable level.
The ABS will release regional building approvals data next Tuesday at which time we shall be updating our Conus Trend series for Queensland regions.
We are proud to have CBC Staff Selection as supporters of the Conus/CBC Staff Selection Trend Employment and Jobseeker data series