Australia sees surge in building approvals

The building industry is going from strength to strength if January's building dwelling approval rates are anything to go by.

In trend terms, the number of dwellings approved in the first month of the year rose by 1.3 per cent, contributing to the steady rise that has been seen for the last 15 months, according to the Australian Bureau of Statistics (ABS).

When this rate is seasonally adjusted the trend estimate has risen by around 6.8 per cent with 17,514 units planned for later in 2014. Private sector houses received an increase of 2 per cent, which increases to 8.3 per cent when seasonally adjusted.

The value of these new additions also increased in January, with all new residential buildings approved rising in value by 1.2 per cent. A figure that has continued to rise for 11 months.

Building approvals have increased by a whopping 34.6 per cent for the year to January which indicates the residential building sector is recovering.

Victoria is one state to keep an eye on with a jump of 3.2 per cent in approvals, while New South Wales also experienced growth of 2.3 per cent. Building approvals in South Australia increased by 2.8 per cent and those in Queensland by 1.2 per cent.

This indicates the building industry is booming, with plenty of opportunity for people in the constructions industry up for grabs.