Data released by the Planning Minister this week shows Victoria has recorded its highest level of residential building activity.
Planning Minister Justin Madden said $2.1 billion in building permits were approved in October and a total of 10,937 building permits were issued in the month.
“The $2.1 billion value of building permits issued is a 25 per cent improvement on the $1.7 billion issued in October 2008, while the total of 10,937 permits was a 22 per cent increase on the same month last year,” said Minister Madden.
The increased activity was driven by regional Victoria with the value of permits increasing by 50 percent from October 2008. Metropolitan Melbourne recorded an increase of 19 percent over the same month last year.
Building Commissioner Tony Arnel said building permit activity grew in all regions of Victoria during October 2009, with the entire State is sharing in the benefits of the growth.
“Inner Melbourne recorded growth of 6 percent compared with last October, Outer Melbourne was up 37 percent and each of the regions in Rural Victoria saw the value of building permits increase by between 13 percent in the South West and 83 per cent in Gippsland,” Mr Arnel said.
The Property Council is pleased Victoria’s building activity has remained strong throughout the global downturn. We have emphasised the importance of the building and construction sector to the Victorian economy as part of our pre-budget submission.
