Mar 16
Australian Building Approvals sales drop in May
Monday, 04 July 2011 05:27

The total number of building permits (building approvals) in Australia dropped 7.9 percent in May compared with the previous month, to 12,290. The actual numbers to data released Australian Bureau of Statistics (ABS) is much lower than expected by economists. Following a 1.3 percent decline in April earlier, economists forecast a decline for the month of May only about 0.5 percent.

Compared to last year, the number of data is much more muddy again. Building approvals were reported down 14.4 percent compared with May 2010. Economists predict a decrease of only about 5.6 percent following 11.5 percent in the previous month.

Detailed data showing the number of occupancy permits for the private sector increased 0.7 percent in May, after declining 2.3 percent recorded in the previous month. As for non-residential building fell 20.1 percent, contrasted with an increase of 7.9 percent in April.

In terms of value of buildings, total building approvals fell 2.8 percent, continuing to decline 20.7 percent in the previous month. value for residential buildings fell 2.7 percent, while for non-occupancy fell 3.0 percent