A resurgence of confidence in recent months is driving a strong recovery in building approval figures, paving the way for a positive pipeline of activity, Master Builders SA says.
Data released today by the Australian Bureau of Statistics shows 11,777 approvals have been made over the past 12 months – 9 per cent higher than the previous 12 months, and 5 per cent higher than the 10-year average of 11,238 dwellings approved.
Master Builders SA Chief Executive Officer Ian Markos welcomed the figures.
“There are obvious concerns when South Australia continues to record the highest unemployment figures across the country, but approvals data continues to improve in this State while Western Australia and Tasmania are recording a rapid decline,” he said.
“It’s a good sign of confidence, and one that we welcome, even though our members are telling us that the environment remains patchy. Not everyone is busy.”
The shows a continued uplift in new residential construction, the $2.7 billion of approvals in the year to September 2016 a full 20 per cent higher than the previous 12 months – and 22 per cent above the 10-year average.
The $1.9 billion of non-residential approvals were 20 per cent higher than the previous 12 months and 10 per cent higher than the 10-year average, Mr Markos said.
“The commercial sector is notoriously volatile – we hope these signs are the first steps toward a stronger bout of building activity and the jobs that will follow.”
This media release including data can be downloaded here.