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• Create Date October 20, 2023
• Last Updated October 20, 2023

Building Plans Approved National Summary August 2023

Approvals (measured in SQM) declined by 26.4 percent y-y in August 2023, following the 15.8 percent y-y decline in July 2023.   Support from the non-residential market dwindled in August, with approvals down 29 percent y-y, alongside a 25.3 percent contraction in residential approvals.   The rate of decline has accelerated over the last 12 months, from -7.2 percent y-y as of July 2023, to a double-digit decline of -10.2 percent, with the 15.6 percent contraction in the residential market, moderately counteracted by a 6.1 percent increase in non-residential approvals.  The non-residential market represents less than a third of total private sector approvals and will not be sufficient to fill the void left by the decline in the residential market.

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