August housing approvals in Toowoomba top $21 million
HOUSING approvals are growing again in Toowoomba.
Australian Bureau of Statistics figures show 76 houses and apartments worth a total of $21 million were approved in the Toowoomba council area in August.
The number and total value of the approved buildings was up on July when 69 buildings worth $17.9 million were approved.
The number of house approvals increased from 61 in July to 70 in August and apartment approvals dropped from eight to six.
But the number of approvals in Toowoomba for the year so far was less than for the same period last year.
Throughout 2018, 131 houses and 14 apartments have been approved in Toowoomba. Over the same period in 2017, 250 houses and 76 apartments were approved.
In the Southern Downs council area, 12 houses were approved valued at $3.1 million. Approvals in the Lockyer Valley remained steady with 20 houses approved valued at $5 million.
Master Builders Queensland deputy CEO Paul Bidwell 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