In line with yesterday’s disappointing print in the Australian Industry Group’s Performance of Construction Index, the ABS has posted a larger than expected fall in building approvals for November.
Down 1.5% seasonally adjusted on the month against market expectations of 1%, building approvals undershot expectations.
This was largely due to the big fall in “private sector dwellings excluding houses” which fell 9.7% in November.
But the trend in building approvals in both monthly and yearly terms was positive, at 2.4% and 23.9% respectively.
That’s good for the economy heading into 2014, given that the end to the mining investment boom has freed up a number of construction workers who are likely to be able to find work in the improved housing construction market.
There’s more on the ABS.