Why the high rise is not a tower of strength

Much of the growth in building approvals has come from low-cost, high-density developments, which are likely to have a muted effect on construction, jobs and the economy.

Building approvals continue to boom but residential investment remains weak. It will take some time for approvals to translate into construction activity, but when it does, it may not be as strong as many hope.

Building approvals rose by 6.8 per cent in January, much stronger than market expectations, to be around 35 per cent higher over the year. This followed three consecutive (but fairly predictable) falls from October to December.

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