Australia May Building Approvals -12.5% On Month

(RTTNews) - Building approvals in Australia were down a seasonally adjusted 12.5 percent in May compared to the previous month, the Australian Bureau of Statistics said on Wednesday, snapping a string of three straight months of gain.

Analysts had been expecting a 3.0 percent gain after the revised 4.1 percent increase in April.

The seasonally adjusted estimate for private sector houses approved fell 2.0 percent following increases in the previous four months, while the seasonally adjusted estimate for private sector other dwellings approved fell 43.6 percent.

The seasonally adjusted estimate for the value of total building approved fell 12.3 percent in May. The seasonally adjusted estimates for the value of new residential building approved and alterations and additions approved fell 5.6 percent and 13.4 percent respectively. The seasonally adjusted estimate for the value of non-residential building fell 20.9 percent.

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