Building approvals fall 1.9% in February: ABS
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The news: The total number of buildings approved fell 1.9% in February, after a 2.5% fall in January, according to new data released by the Australian Bureau of Statistics (ABS).
The numbers: ABS said that approvals for private sector dwellings, excluding houses, fell 24.9% in February in seasonally adjusted terms, while approvals for private houses rose 10.7% during the month.
Approvals for private sector houses rose in all states: Western Australia (20.7%), New South Wales (17%), Victoria (12.4%), Queensland (3.4%), and South Australia (2%).
Total dwelling approvals fell 28.5% in Queensland. Meanwhile, rises were recorded in Tasmania (39.3%), New South Wales (23.4%), South Australia (15.4%), Victoria (2.1%), and Western Australia (0.9%).
The value of total approved building fell 16.5%, following a 14.5% rise in January. The value of total residential building fell 16.8%, comprising a 19.1% decrease in the value of new residential building and a 0.1% fall in alterations and additions.
The value of non-residential building fell 16%, after a 11.6% rise in January.
The context: The ABS said the major drop in approvals for private sector dwellings, excluding houses, was driven by a fall in the number of approved large apartment projects.
Meanwhile, the rise in approvals for private sector houses halted a four-month slide since October last year.
The source: ASX announcement
