Victoria’s economic growth continues, leading the mainland states for the value of residential and non-residential building approvals and total number of dwelling units approved.
The latest data from the Australian Bureau of Statistics showed Victoria recorded $4.3 billion of approved buildings in December 2019.
The total value of Victorian building approvals rose by 44.5 per cent in during the month and was up by 79.6 per cent over the year.
The value of residential building approvals in Victoria was the highest of the mainland states, with $2.4 billion approved in December – an increase of 26.0 per cent in the month and well above the national rate of 2.6 per cent.
More than 6,400 dwelling units were approved to be built in December – a 34.0 per cent increase in the month and 38.5 per cent increase over the year.
December also saw $2 billion worth of non-residential buildings approved– a monthly increase of 75.1 per cent – the largest increase among the mainland states.