Building approvals drop shows impact of mining slowdown
BUILDING approval figures show the end of the mining boom is having a big impact on central and north Queensland.
Central Queensland has recorded the second-biggest drop in building approvals, with the number of approvals in the current 12 months 51.5% lower than those in the previous 12 months.
The figure was only eclipsed by the Mackay/Whitsunday area, which recorded a drop of 64.3%.
The building approval figures released by the Australian Bureau of Statistics on Tuesday revealed a slowdown in approvals across many regions of Queensland during July.
The Gold and Sunshine coasts were the only regions to record positive gains during the month, with increases of 27.3% and 44.7% respectively.
However, trends across the year painted a more positive picture, with more than half of Queensland's regional centres recording positive growth over the past 12 months.
South-east Queensland led the way with Greater Brisbane, Gold Coast and Sunshine Coast all posting positive results, followed closely by Far North Queensland and Wide Bay.
Master Builders deputy executive director Paul Bidwell said despite the results for July, the longer-term outlook remained strong, particularly for south-east Queensland.
"Approvals during the past 12 months are still strong, with total approvals for Queensland up by 15.6% (seasonally adjusted)," Mr Bidwell said.
"We also know the unit approvals were largely responsible for the result in July, dropping by a massive 31.4%.
"While there is a reasonably strong pipeline of work in Queensland, particularly for the residential sector, there is still a lot of scope for the government to provide support in the form of infrastructure spending in regional Queensland."