Australian building permits for March 2017
-13.4 % m/m HUGE MISS
- expected -4% m/m, prior +8.9%, revised higher from +8.3%
And -19.9 % y/y HUGE MISS
- expected -10% y/y, prior -4.9%
ABS commentary, March 'key points':
TOTAL DWELLING UNITS
- The trend estimate for total dwellings approved rose 0.8% in March after falling for nine months.
- The seasonally adjusted estimate for total dwellings approved fell 13.4% in March after rising for two months.
(Note, the 'seasonally adjusted' is the headline data, the focus of the markets.)
OK, back to the ABS' key points ...
PRIVATE SECTOR HOUSES
- The trend estimate for private sector houses approved fell 0.6% in March and has fallen for 12 months.
- The seasonally adjusted estimate for private sector houses fell 4.3% in March following a rise of 5.0% in the previous month.
PRIVATE SECTOR DWELLINGS EXCLUDING HOUSES
- The trend estimate for private sector dwellings excluding houses rose 2.2% in March and has risen for three months.
- The seasonally adjusted estimate for private sector dwellings excluding houses fell 22.5% in March after rising for four months.
VALUE OF BUILDING APPROVED
- The trend estimate of the value of total building approved rose 0.1% in March after falling for seven months. The value of residential building rose 1.0% and has risen for three months. The value of non-residential building fell 1.9% and has fallen for seven months.
- The seasonally adjusted estimate of the value of total building approved fell 15.5% in March following a rise of 22.6% in the previous month. The value of residential building fell 20.8% after rising for four months. The value of non-residential building fell 4.5% following a rise of 36.1% in the previous month.
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I noted earlier in the preview (and on many, many occasions prior) of the peaking of this economic indicator and the downtrend since. It's a very volatile data set (VERY), but looking through the monthly (big) swings its still softening. The 'pipeline' of building work is still solid, but it is declining.
