Building approvals fell in April, missing growth estimates
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The news: The total number of buildings approved fell 0.3% in April, after an upwardly revised 2.7% rise in March, new Australian Bureau of Statistics (ABS) seasonally adjusted figures show.
The numbers: Approvals for private houses fell 1.6%, while approvals for private sector buildings excluding houses — including semi-detached, row or terrace houses, townhouses and apartments — also lowered 1.1% in April.
Total buildings approvals fell in Tasmania (-16.1%), New South Wales (-4.5%) and Western Australia (-0.9%), while rises were recorded in South Australia (13.9%) and Queensland (5.0%). Victoria was flat in April.
Approvals for private sector houses decreased in New South Wales (-5%), Victoria (-2%), Queensland (-0.2%), and South Australia (-0.1%), but rose in Western Australia (3.5%).
The value of total building approved fell 3.8%, following a 13.8% rise in March. The value of total residential building fell 3.2%, comprised of a 3.8% drop in new residential building and a 0.4% rise in alterations and additions.
The value of non-residential building approved fell 4.6%, after a 21.7% March rise.
The context: The month-on-month reduction in total building approvals missed market forecasts of 1.5% growth. It was the third decline this year, with permits for both private sector buildings, and private sector buildings excluding houses, lowering in April.
The source: ABS media release
