An in-depth breakdown of building activity in July showed that the number of dwelling units that had been approved for construction around the country climbed 10.8 per cent, hitting a total of 14,304.
This report, released by the Australian Bureau of Statistics, is the first serious glimmer of hope for the sector, as it comes after two straight months of approval declines.
Still, analysts are warning construction industry members to keep their feet on the ground.
Ivan Colhoun, the chief economist at ANZ Bank, told the Australian Associated Press that although the approval numbers were a strong sign for construction, there were likely some factors that may have skewed this.
For one, he said, large apartment building approvals have a tendency to affect final numbers.
"Month by month you do get quite a lot of volatility but there's a gradual trend upwards," Mr Colhoun said.
"Looking through the volatility, there is an encouraging uplift going on, particularly led by NSW."
If this growth holds strong, tradies can expect demand for their services to rise. This could have a positive effect on equipment hire rates, as items like generators, nailing guns and air compressors are essential for these projects.