Increase in building approvals buoys construction industry

The number of approved dwellings in Australia rose by 2.4 per cent in November 2013, according to figures from Australian Bureau of Statistics (ABS) Building Approvals.

The data is the latest in a long-running trend of positive results, with dwellings rising consistently for the last 13 months.

Queensland led the way with just under a 5 per cent increase in approvals, closely followed by South Australia, Victoria and New South Wales. The Australian Capital Territory was the only state or territory to see a decrease in dwelling approvals dropping by 9 per cent.

The value of total buildings approved rose another 2.3 per cent in November, after 22 months of increases. This shows a strengthening construction sector, as both residential and non-residential building figures grew.

Building Approvals data is gathered on a monthly basis from information provided by authorities. Included in the figures is new building construction, as well as additions and alterations to existing buildings, approved installation of building fixtures and non-structural renovation and refurbishment work.

The next release of Approvals by the ABS is due on February 3 of this year.