March 31, 2021
Building Approval statistics are a useful tool to monitor economic activity, employment and investment in our region, for they can point to what may come next in the construction cycle, and this includes employment in the construction sector. According to REMPLAN estimates, the construction sector is the top contributing sector in terms of gross revenue generated by businesses in the Kimberley ($693.8 M). Below are most recent building approval figures released by the Australian Bureau of Statistics (ABS).
Kimberley: Building Approvals for total number of dwellings
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While there is usually a lag between stimulus announcements and the adjustments on the supply side of the construction industry, recent statistics point to a boost in the number of dwelling approvals coinciding with the measures starting in June 2020, such as the Building Bonus package. Data recently released by the ABS for 2020-2021 Financial Year to Date (FYTD) shows an increase in the number of building approvals in the region. In this period, the region saw 49 building approvals, with 65% of these in Broome.
For further information on Building approvals, please visit the Australian Bureau of Statistics web page.