Today’s 3.5% fall in residential building approvals was concentrated in the volatile multi-unit segment which fell by 7.5%. Note that March’s total approvals, at 15.9k, are still 20% higher than a year ago. So there is still a significant boost comingto construction and spending which will help offset the winding down of resources investment from its recent peak. Nonresidentialconstruction approvals are also trending higher, thanks to strong interest in new CBD commercialdevelopments.
Read the full report: Economic Research
CAN