Decline in Building Approvals

Decline in Building ApprovalsBuilding approvals in the Northern Territory declined over the past 12 months according to data released this month from the ABS but remain above the average levels recorded over the past decade.The latest ABS Building Approvals data shows mixed results for the Top End with only 1,822 new dwellings approved in seasonally adjusted terms for the 12 months to May 2015, a decline of 14 per cent from the 2,125 approvals for the 12 months to May 2014.As a positive for the industry, building approvals increased by 23 per cent on the April 2015 figure to record 191 approvals for the month. Year on year however the May 2015 results were down a significant 57 per cent on the approvals recorded for May 2014.”Despite the decline, the Northern Territory has still recorded above-average approvals for the 12-month period to May 2015 and has improved for the month of May.” said the Property Council’s Northern Territory Director Ruth Palmer.Media contact: Ruth Palmer | M 04 428 314 | E [email protected]