Financial News: Australia Building Approvals Tumble 27.6% In January

Australia Building Approvals Tumble 27.6% In January

03/08/2023 - 19:40:00 (RTTNews)

(RTTNews) - The total number of building permits issued in Australia was down a seasonally adjusted 27.6 percent on month in January, the Australian Bureau of Statistics said on Thursday - standing at 12,065.

That was in line with expectations following the 15.3 percent increase in December.

Permits for private sector houses sank 13.8 percent on month to 7,560, while permits for private sector dwellings excluding houses plummeted 40.8 percent to 4.340.

On a yearly basis, total permits fell 8.4 percent, permits for houses dropped 12.0 percent and permits for non-houses eased 0.3 percent.

The seasonally adjusted estimate for the value of total building approved fell 18.6 percent in January, following a 1.0 percent rise in December.

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