Building approvals rose 5.5% in May, outstripping estimates
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The news: The total number of buildings approved grew 5.5% in May, accelerating a revised 1.9% rise in April, new Australian Bureau of Statistics (ABS) seasonally adjusted figures show.
The numbers: May's month-on-month rise in total building approvals far surpassed consensus forecasts of 1.6% growth.
ABS said the rise in month-on-month approvals was driven by private sector dwellings excluding houses — including semi-detached, row or terrace houses, townhouses and apartments — which rose 16.3%.
Total dwelling approvals increased in all states. Western Australia led the rise, up 19.6%, followed by Victoria (8.9%), Queensland (6.3%), South Australia (4.1%), Tasmania (3.8%) and New South Wales (2.9%).
Private sector house approvals rose by 2.1%, with increases in Western Australia (8.4%), New South Wales (5.9%) and Queensland (3.7%), but falls in Victoria (-3.4%) and South Australia (-1.9%).
The value of total building approved rose 0.6% to $13 billion, following a 0.7% fall in April. The value of total residential building rose 2.3% to $7.6 billion, made up of a 4.4% rise in new residential building and a 9.3% fall in alterations and additions.
The value of non-residential building approved fell 1.6% to $5.4 billion, after a 0.7% rise in April.
The context: ABS' building approvals data shows the monthly change in the number of total dwelling units approved, including building activity carried out on existing buildings.
The source: ABS media release
