Building Approvals
-1.7% m/m
- expected -5.0% m/m, prior 10.9%
-13.9% y/y
- expected -16.6%, prior +2.3%
More - ABS detail:
In seasonally adjusted terms, dwelling approvals decreased by 1.7 per cent in July, driven by a fall in private dwellings excluding houses (6.7 per cent), while private house approvals were flat.
- Number of dwellings approved rose 0.7 per cent in July 2017 in trend terms (Risen for three months)
- In trend terms, approvals for private sector houses rose 1.0 per cent in July
Much has been made of the slowdown in building approvals, and there is no doubt they peaked a good while ago. But the numbers are indicating they may well be showing signs of bottoming.
That may be the case, or it may not. But, the doomers are overblowing the slow down. Plenty of construction work in the pipeline and this is a sector of the economy that is not dead yet, at all - activity to remain strong.
