Bt_by Zhuo
Bt_by Zhuo
  • Home
    • About
    • Contact Us
  • News
  • Projects
  • Business
  • Products
  • Subscribe to Magazine
  • Free Trial Subscription

Commercial building approval rates break records

Tuesday, October 1st, 2019Construction, News

Commercial building approval rates hit record highs in August 2019 as new home approval continued trending towards a seven-year low.

The value of approved commercial building jobs for August 2019 was $6.14 billion, the strongest monthly performance ever recorded. Compared to the same period last year, this is an 89.2 percent boost, accredited predominantly to big gains in the health and office sectors.Commercial building approval rates hit record highs in August 2019

"The lion’s share of the growth in commercial building related to publicly funded social infrastructure projects such as hospitals, demonstrating the positive role that can be played by government investment at a time of below par economic growth," says Shane Garrett, Master Builders chief economist.

Low financing costs, robust employment gains and a booming population has seen commercial building continue to rise in 2019, a trend forecast to extend into 2020.

The same cannot be said for new home approval rates, with detached house approvals dropping 2.6 percent and ever-closer to a seven-year low.

"As it usually takes at least six months from approval stage to the start of actual building work, today’s figures mean that new home building activity will continue to move lower for the rest of this year and well into 2020," says Garrett.

"We are now in a situation where we are building fewer new homes than we need in order to satisfy long-term demand. This risks holding back Australia’s future economic development and making the goal of home ownership even more difficult over the coming years."

 

Image: Danist07, Unsplash.


Recent Posts

  • Rubber recycling innovation for residential market
  • Victoria’s largest mass timber project completed at La Trobe University
  • Grain is good with Fairview
  • Decision-makers in construction need re-education on their views toward people living with disability
  • Coles and partners Replas, Red Group and RMIT install largest Polyrok pour








©2019 Niche Media. All Rights Reserved. Terms & Conditions| Privacy Policy

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

Better Building Daily
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.