![Building Approvals - Other - 12 month rolling average - featured image](https://www.whocrashedtheeconomy.com/blog/wp-content/uploads/Building-Approvals-Other-12-month-rolling-average-featured-image-678x381.png)
New figures released from the Australian Bureau of Statistics (ABS) show building approvals continue to decline due to a significant slow down in the apartment sector.
![](https://www.whocrashedtheeconomy.com/blog/wp-content/uploads/Building-Approvals-June-2019.png)
The largest decline in approvals have been in sectors other than houses – i.e. townhouses, units and apartments.
Australia turned to an apartment building boom in early this decade to counter the effects of the end of the mining boom. This has seen a surge in apartments being constructed.
While monthly figures are usually volatile due to large apartment projects being approved collectively, last month had one of the largest falls since 2013.
A rolling 12 month average of building approvals highlight the boom – and now the bust – as an oversupply of apartments flood the market just as credit becomes more difficult to obtain.
![](https://www.whocrashedtheeconomy.com/blog/wp-content/uploads/Building-Approvals-Other-12-month-rolling-average.png)
This has prompted economists to predict more than 100,000 jobs could be lost in construction related businesses.
The plunge in apartment approvals are being felt around the country.
![](https://www.whocrashedtheeconomy.com/blog/wp-content/uploads/Change-in-building-approvals-YOY-June-2019.png)
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