Aside from engineering and architectural design, one of the earliest requirements of a building project is to obtain approval from the relevant statutory body. As a result, building approvals data is a leading economic indicator of future construction. While not all projects which have been approved are completed, all completed projects have been granted approval. Approvals data thus provides a useful indicator of future construction.
The latest building approval figures have been released by the Australian Bureau of Statistics and the month-to-month swings caused by volatile apartment approvals has continued. Total March dwelling approvals were 2.6% higher than February’s revised total and a little higher than the median forecast of +1.0%. On a 12 month basis and after revisions, total approvals were 14.5% higher.
