Media Release - Unit And Apartment Approvals The Lowest In 8 Years
Yesterday’s ABS building approval figures reveal only 9 unit and apartment dwellings were approved in May, the lowest monthly result since 2012.
Master Builders ACT CEO Michael Hopkins said, “The May building approval figures reveal only 9 unit and apartment dwellings were approved in May, the lowest monthly result since January 2012.”
“Unit and apartment approvals have declined 98.9% since April and represent a 23.5% decline since the same quarter last year,” he said.
Mr Hopkins said, “These statistics will be sobering reading for the close to 20,000 people working in the ACT construction industry, as many are looking for more support from the ACT Government to provide a forward pipeline of work to secure their continued employment.”
“While the sharp decline in building approvals will impact construction jobs, it will also impact future ACT Government revenue,” he said.
Mr Hopkins said, “Around 50% of the Territory’s taxes and charges come from the property and construction industry, so a decline in unit and apartment approvals means less jobs for Canberra’s construction sector and less revenue for the ACT Government.”
“Hundreds of dwellings are currently in the planning system awaiting a policy change or development approval from the ACT Government. It is now critical that the ACT Government urgently approve these projects and support jobs and future revenue for the Territory,” he said.