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Financial News: Australia Building Approvals Fall 5.6% In May

Australia Building Approvals Fall 5.6% In May

07/02/2017 - 22:16:00 (RTTNews)

(RTTNews) - The total number of building permits issued in Australia slipped a seasonally adjusted 5.6 percent on month in May, the Australian Bureau of Statistics said on Monday - coming in at 16,448.

That missed forecasts for a decline of 1.3 percent on month following the 4.4 percent increase in April.

On a yearly basis, building approvals tumbled 19.7 percent - again missing expectations for a fall of 14.1 percent after skidding 17.2 percent in the previous month.

Individually, approvals for private sector houses added 0.6 percent on month and fell 6.8 percent on year to 9,252.

Approvals for private sector dwellings excluding houses tumbled 12.1 percent on month and 31.3 percent on year to 7,027.

Dwelling approvals decreased in the Australian Capital Territory (8.2 percent), Victoria (3.9 percent), Western Australia (3.7 percent) and New South Wales (2.6 percent).

They were up in Queensland (2.2 percent), Northern Territory (2.1 percent), South Australia (1.6 percent) and Tasmania (1.5 percent).

The seasonally adjusted estimate of the value of total building approved was flat in May.

The value of residential building fell 3.3 percent following a rise of 6.1 percent in the previous month. The value of non-residential building rose 5.3 percent and has risen for two months.

Also on Monday, the manufacturing sector in Australia continued to expand in June, and at a faster rate, the latest survey from the Australian Industry Group revealed with a Performance of Manufacturing Index score of 55.0.

That's up from 54.8 in May, and it moves farther above the boom-or-bust line of 50 that separates expansion from contraction.

In all, the sector has expanded in nine straight months.

Individually, new orders, sales, supplier deliveries and exports all continued to expand in June.

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