Building approvals highest in over 13 years
02 September 2008
Statement by Mr. Chris Atkins, Executive Director, Master Builders Tasmania
Dwelling approvals rebounded strongly in July, so strong in fact that they are at the highest level in over 13 years. Alteration approvals followed suit, however non-residential construction fell significantly, according to Master Builders Tasmania, the peak employer body representing the building and construction industry.
Mr Chris Atkins, Executive Director said, “Last month we highlighted that the poor approval numbers for June were due to the Government’s announced intention to remove Housing Indemnity Insurance, July approvals have increased by 120.7 percent which underscore the impact the Government’s media strategy has on industry and the economy. Whilst July dwelling approvals are at a record level of 384 units, it is an artificially high number due to the number of building applications that were delayed in June. Remove the impact of the Housing Indemnity decision and the July approvals would have been around 280 for the month, a number that provides confidence for the future.”
Mr. Atkins continued, “The pending RBA decision to cut interest rates will ensure future housing demand will remain strong in Tasmania and continue to defy the National trend. Whilst non-residential approvals for July fell to $16.6 million, the three month moving average remains firmly over $40 million, well above the 2007-2008 monthly average of $37.8 million.”
C. Atkins
Executive Director
For further details contact: Chris Atkins (03) 6234 3810 Mob. 0438 623 438
