What building approval figures mean for the local economy.
What building approval figures mean for the local economy. Jodie Richter

Apartment approvals double from last year

DWELLING approvals in the Clarence Valley topped $4.7million on the back of a dozen new units being approved.

Australian Bureau of Statistics figures show 23 homes were approved in the Clarence Valley Council area in August, worth a total of $4.78million.

The number and total value of the approved dwellings was up on July when 15 houses worth $3.4million were approved.

The figures show 12 apartments were approved in August, up from none in the rest of the year.

But house approvals slid from 15 in July to 11 in August.

August's 12 apartments are the only apartments approved this year and that is double the number approved over January to August last year.

Paul Bidwell from Master Builders said construction remained a key economic sector in every community.

"Building approvals is a really important indicator of how the local economy is doing,” he said.

"If people are living and working in the area, if industry is doing well, then people are going to be looking at building.”

Mr Bidwell said almost all approved buildings were built, but construction commencement could take years.

"The correlation between approvals and construction is very high, around 99 per cent.

"If a developer is doing their job right, they shouldn't be applying for approvals for buildings that aren't going to get built.” -NewsRegional


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