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Australian construction booms

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The value of new construction projects in Australia has hit a record high

The Australian Bureau of Statistics revealed that schemes with a total estimated value of A$7.1 billion (£4.2bn) were approved in May.

This was up 1.9 per cent on the previous month and represented a 16th consecutive month of rising trend values – those calculated to include seasonal fluctuations and discount outliers.

It is also the first time the monthly trend value has ever broken the A$7bn barrier.

Non-residential work tipped the balance, rising 4.2 per cent in May, having fallen in the previous month.

The value of residential work fell marginally in May, despite the number of approvals increasing.

Dwelling approval numbers increased in all areas in May except for the northern states of Queensland and Northern Territory, which saw declines of 0.5 and 4.9 per cent respectively.

Heavily populated New South Wales and Victoria saw dwelling approvals rise by 0.8 and 1.2 per cent respectively.

The Australian Capital Territory had the greatest increase in numbers, up 4.1 per cent; followed by Tasmania at 3.6 per cent; Western Australia at 2.7 per cent; and South Australia at 1.8 per cent.

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