Added over 8 years ago

Building approvals improved in March Quarter

Building approvals took steps towards improvement in March with a 9 per cent rise despite a negative result over the previous year.

Australian residential building approvals rose 9.1 per cent to 13,627 starts in March, seasonally adjusted, from an upwardly revised 12,492 starts in February.

But compared to March 2010, building approvals were down 18.1 per cent, the Australian Bureau of Statistics (ABS) said. 

The growth in activity over February came most notably came in non-housing, such as apartment blocks, with 5473 started in March compared to 4233 in February.

But home starts remain sluggish, falling from the previous month and over the year in an indication of the continuing impact of last November's interest rate rise on potential home owners and the building industry.

Home building saw 8154 starts in March, a drop of 0.8 per cent compared to 8258 in February and still well below the 10,188 in March last year.

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