Queensland leads the nation in building approvals

Queensland is leading the nation in the strength of building approvals, which were up almost 27 per cent for 2015, according to new figures from the Australian Bureau of Statistics.

Today’s figures showed the fourth consecutive monthly rise in trend building approvals for Queensland.

Treasurer Curtis Pitt said just over 10,000 more new dwellings were approved in the 12 months to December 2015 than in the previous year.

“This is yet another sign of the confidence Queenslanders have in the Palaszczuk Government’s economic plan,” he said.

“In 2015 a total of 48,936 new dwellings were approved – every one of them providing jobs for our State’s building industry and tradies.

“This compares to the 38,572 dwellings approved in 2014 — the last full year of the previous Government.

“That’s a 26.9 per cent increase in 2015. This compares with NSW, which had a 26.7 per cent increase and Victoria, which only had an 11.9 per cent increase.”

On a trend monthly basis, dwelling approvals were up 1.1 per cent in December 2015, compared with November 2015, and were 10.0 per cent higher compared with December 2014. The only other State with an increase over the year to December 2015 was NSW, with growth of 6.3 per cent.

“Today’s figures show 3,956 new dwellings were approved in Queensland in December 2015, up from 3,597 in December 2014,” Mr Pitt said.

“In trend terms, the total value of residential building approvals in Queensland was $1.121 billion in December 2015, up from $976 million a year ago.

“This has been driven by an increase in the number of approvals for units, townhouses and apartments, as well as houses, especially in the south-east corner.

“In another sign our economic plan is working, we have a significant pipeline of apartment projects, which along with the recent increase in house approvals, will support dwelling construction in Queensland in 2016.

“There has never been a better time to build in Queensland, where housing is generally much more affordable than in the major southern capitals.

“This Government has created the right conditions for stronger growth in the Queensland economy and it is showing in the confidence of our private sector.

“Last month’s National Australia Bank Monthly Business Survey showed Queensland’s business confidence was the highest of any mainland State for the sixth month in a row.

“And the Deloitte Access Economics Queensland Business Outlook for December 2015 forecast that Queensland’s growth will outpace other States in this financial year.”

Contact:  0419 945 546