The ABS has reported a 20.6% rise in building approvals for May in Australia.
“The rise in total dwellings was driven by the more volatile dwellings excluding houses series, which rose 59.4%.
This increase reflected a large number of apartment developments approved in New South Wales in May,” said ABS head of construction statistics, Daniel Rossi.
Private sector house approvals rose slightly (0.9%) after a 3.0% decline in April. Additionally, non-residential building was up 24.3%. These positive results illustrate a renewed sense of optimism and economic optimism across the country.
The trend is set to continue with the construction sector expecting to see further growth in the coming months. Investment in new homes, apartments, and commercial buildings is expected to help boost the national economy.
With the right policies in place, the Australian building and construction sector could continue.
