Building permits last month were trashed by a huge drop in those for high rise apartments ... but what a bounce ... I had to do a double-take on the m/m result
+10.9% m/m HUGE BEAT ... driven by a rise in total dwellings excluding houses (i.e. apartments)
- expected +1.0% m/m prior -5.4%, revised from -5.6%
-2.3% % y/y and also a huge beat
- expected -11.0% y/y prior -19.7%
In trend terms:
- + 0.1% m/m in June 2017 after falling for three months
- "Dwelling approvals have been relatively stable in trend terms over the first six months of the year, after falling from record highs in mid-2016," said Daniel Rossi, Director of Construction Statistics at the ABS. "The June 2017 data showed that the number of dwellings approved is now 15 per cent below the peak in May 2016".
