CoreLogic has released its Cordell Construction Monthly Report for March 2018. The report shows that the number of new projects has increased by four percent since February, with this space continuing to be dominated by the development of apartments and units.
The number of new projects recorded by CoreLogic over March was 1,707. This is 4 percent higher than in February and 4.6 percent lower than the five year monthly average of projects.
The construction value of new projects captured over the month was $12.8 billion, up from $12.6 billion in February. As in February, the highest construction value segment received within new development applications was in the apartment and unit space.
Total value of construction in Australia
The total value of construction commencing over March was $4.4 billion across Australia. This was lower than the $5.1 billion commencing in February. Most of the loss was attributable to a $1.4 billion decline in the value of apartment and unit commencements, but the losses were partially offset by increased commencement value in industrial, commercial and community starts over the month. The total number of commencements over the month was relatively low at 597, compared to the five year monthly average of 1,009.
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