Value of building approvals
Most interest in building approvals data is generally on the number of residential approvals. Regional Building Approvals; the North doing better than most
However there has been a lot of building activity in Cairns in recent years outside that component so a quick look at the total value of all building approvals from ABS.
Large projects drive the peaks here. The Crystalbrook boom is over. There has also been observable lower level activity in the CBD and around the suburbs. Large commercial projects are more uncertain to proceed than monthly house approvals. The spike in April 2018 was the long awaited approval on the Neva City project which I will come back to as we are coming up to the 5 year anniversary of construction of the marketing building on Spence St.
The most recent spike is the Cairns Convention Centre which is/was scheduled to commence by June. If there was ever well timed interruption this could be it given the outlook for the convention industry over the next year or so.
Interesting to think what the current situation would be if pandemic risk had been included in economic and cost-benefit analyses. The case for dredging the Trinity Inlet channel was almost entirely based on the cruise ship industry.
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