Activity within the construction industry is expected to soar this year after the amount of residential building consents issued reached a level higher than the previous seven years. It is estimated that this could add 2 to 3 percentage points to economic growth spread over three to four years. Something that promises to boost economic growth overall.
Analysts had expected the number of residential permit approvals to fall 2.7% in November however the Australian Bureau of Statistics reported that the number issued has raised 7.5% to 18,245 units since October. Residential permits to build houses fell by 0.3%, while approvals for apartments, townhouses and other dwellings leapt 16.7%. Continue reading