Australia Building Approvals Fall Sharply

(RTTNews) - Australia's building approvals logged a double-digit decline in March, the Australian Bureau of Statistics reported Monday.

The number of dwellings approved decreased 10.5 percent to 17,300 in March. This followed a surge of 31.0 percent in February.

The fall in overall dwellings approved reflect a sharp 26.0 percent decline in approvals for private sector dwellings excluding houses.

Meanwhile, private sector house approvals rose 0.9 percent, to the highest level since November 2021.

Data showed that the value of total residential building fell 15.8 percent to A$10.77 billion. Likewise, the value of total non-residential building fell 25.3 percent to A$5.97 billion.