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Building Plans Approved National Summary June 2023

Approvals measured in SQM increased by 28 percent m-m to over 1.3 million sqm, with a steep decline in residential approvals counteracted by a recovery in the non-residential market. The overall rate of decline over the last 12 months accelerated to -6.1 percent, with a 11.2 percent y-y decline in approvals in the residential market and a 10 percent y-y increase in non-residential projects approved. As the outlook for new industrial developments start to turn more negative, approvals of office space more than doubled, there was a notable increase in retail space approved with a 17 percent rise in renovation projects approved.

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