Tasmanian building approval figures reflect pick up in residential construction
04 October 2017
The latest building figures for August reflect an increasingly buoyant residential market according to Master Builders Tasmania
Statement by Mr Michael Kerschbaum, Executive Director
Mr Michael Kerschbaum, MBT’s Executive Director said, “The August approval figures, released today by the Australian Bureau of Statistics, show Tasmania’s dwelling approvals rose to 249, up by 27.3% in seasonally adjusted terms. The latest figures confirm that dwelling approvals have been continually increasing, in trend terms, for twelve months now.”
“Dwelling approvals have definitely rebounded and MBT only sees the figures further improving from here as underlying demand due to a tight rental market and higher population growth continue to contribute to the construction of more dwellings.” Mr Kerschbaum stated.
Mr Kerschbaum added, “What we are seeing is the result of a stronger economy. Building approvals are a proxy for the economy and population growth and MBT expects approvals to maintain strong momentum over the rest of this year and throughout 2018.”
Mr Kerschbaum concluded, “Non-residential approvals ramped up in August recording $59.1 million in approvals. This figure will contribute to the work in pipeline and will underpin this already busy industry; especially in the South of the state. Encouragingly, non-residential construction activity is increasing in the North and North West of the state which means that the benefits of the current building boom is being felt state wide and not just in the South.”
For further comment contact Michael Kerschbaum on 6210 2000 or 0438 343 810
