Australia Building Approvals Surge 28.1% In August

The total number of building permits issued in Australia jumped a seasonally adjusted 28.1 percent on month in August, the Australian Bureau of Statistics said on Tuesday - coming in at 17,497.

That blew away expectations for an increase of 5.0 percent following the 17.2 percent decline in July.

On a yearly basis, building permits tumbled 9.5 percent after plummeting 25.9 percent in the previous month.

Approvals for private sector houses rose 4.1 percent on month and sank 14.4 percent on year at 10,459, while approvals for private sector dwellings other than houses skyrocketed 99.2 percent on month and dipped 1.2 percent on year at 6,766.

The seasonally adjusted estimate for the value of total building approved rose 23.5 percent in August at A$13.389 billion, following a 14.8 percent fall in July.

For comments and feedback contact: editorial@rttnews.com

Economic News

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.

Follow RTT