Value of Building Approvals Surge
On the back of positive unemployment figures released in March, data released late last week show the value of building approvals has surged to a seven year high, with the final quarter remaining.
The value of building approvals for the current financial year as at the end of March 2019 is $46 million. By comparison, the previous three full financial years have not exceeded $40 million, with last financial year (2018-19) failing to reach $31 million.
“This is another great result for our growing regional economy,” said Mayor Keith Campbell.
He added, “Construction activity can easily be seen across the South Burnett and these statistics show that the construction activity has a healthy forward pipeline.”
The value of building approvals is compiled by id. the population experts from Australian Bureau of Statistics (ABS) and presented in the id economy online dashboard (https://economy.id.com.au/south-burnett/value-of-building-approvals#). A high rate of building approvals can indicate a growth area with a construction-led economy.
Building approvals for an area can be highly variable over time, particularly in the non-residential sector. With highly positive results in the current financial year and 2017-18, the trend in value is positive. Three year averages for the last seven years show that the value of non-residential building approvals has increased in each three year period. From a three year average low of $11 million for 2012-15, the current three year (2016-19) average is $17.9 million.
Regional Development Australia Wide Bay Burnett and South Burnett Regional Council enable free access to demographic and economic statistics through id. the population experts.