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Financial News: Australia Building Approvals Rebound More Than Forecast

Australia Building Approvals Rebound More Than Forecast

05/30/2017 - 00:10:00 (RTTNews)

(RTTNews) - The total number of building approvals increased at a faster-than-expected pace in April, after declining sharply in the previous month, data from the Australian Bureau of Statistics showed Tuesday.

The seasonally-adjusted estimate for total dwellings approvals climbed 4.4 percent month-over-month in April, reversing a 10.3 percent decline in March. Economists had expected a 3.0 percent rise for the month.

Private sector dwellings approved grew 4.6 percent over the month, while public sector dwellings registered a decline of 4.4 percent.

At the same time, approvals for private sector houses increased 0.5 percent and total housing consents climbed by 0.8 percent.

On a yearly basis, total building approvals plunged a seasonally adjusted 17.2 percent in April.

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