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• Create Date November 17, 2023
• Last Updated November 17, 2023

Building Plans Approved National Summary September 2023

Approvals (measured in SQM) recorded the 3^rd consecutive month of double-digit declines, with approvals down 23.8 percent y-y in the month of September 2023.  Both market segments performed poorly, with residential approvals down 19.2 percent y-y and non-residential approvals down 36.1 percent.    Support from the non-residential market dwindled again in September, with a 28 percent y-y decline also recorded in August. This has turned the moderate more positive outlook for the non-residential market more negative. The rate of decline has accelerated over the last 12 months, from -10.2 percent y-y as of August 2023, to -12.3 percent, with contraction in the residential market accelerating to -16.8 percent and slowed to just 1.1 percent for the non-residential market segment.  The non-residential market would in any event have not been able to offer sufficient support to the overall building industry, given the size of the residential market and therefore the impact on the pending decline, but it did help a little to mitigate the decline. This seems no longer to be the case.

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