Building Plans Approved National Summary December 2022

Approvals slumped by 18 percent y-y in December 2022,  ending 2022 just 2 percent higher in terms of SQM approved compared to 2021.  This means just over 14 million sqm were approved for private sector construction across the country.  Approvals in the residential market was particularly weak in December 2022, down 29 percent, ending the year unchanged from 2021. Approvals for non-residential buildings increased by 14 percent (supported by an increase in office and retail space, coming off a low base) with the non-residential sector now outperforming the residential market, with an increase of 8 percent y-y in 2022.