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Monday, May 5, 2014

Building approvals still at record levels : Brisbane

Housing construction approvals have dipped in the past couple of months, but are still at 19-year highs.
Home building approvals were down 3.5 per cent in March, following a 5.4 per cent fall in February, according to official figures released on Monday.
However, there were over 188,000 home building approvals in the 12 months to March, the highest since 1995 and 20 per cent higher than the year before.
Commonwealth Bank senior economist Michael Workman said the housing construction sector looks ready to be the main driver the Australian economy when mining investment winds down.
"There is still a significant boost coming to construction and spending which will help offset the winding down of resources investment from its recent peak," he said.
"Non-residential construction approvals are also trending higher, thanks to strong interest in new CBD commercial developments."
Mr Workman said the strength in housing will help employment growth and flow into other sectors of the economy.
"We expect to see sharp rises in the construction activity data in coming quarters," he said.
"It should also flow into higher spending at big box retailers as the new dwellings are kitted out."

with thanks : brisbanetimes : LINK : for detailed news.

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