What building approval figures mean for the local economy.
What building approval figures mean for the local economy. Jodie Richter

Gympie housing approvals decline

HOUSING approvals in Gympie slid more than $2 million in August.

Australian Bureau of Statistics figures show 37 buildings worth a total of $7.1million were approved in the Gympie council area in August.

But the number and total value of the approved buildings was down on July when 40 buildings worth $9.2million were approved.

The figures show four apartments were approved in July, but none was approved in August. The houses approved in July were worth more than those approved in August, despite there being fewer.

The 36 houses approved in July had a value of $8.5million. In August 37 houses approved had a total value of $7.1million.

Throughout the year 73 houses have been approved in Gympie, one more than the 72 approved over the same period in 2017.

Four units have been approved this year, compared to none between January and August 2017.

Master Builders Queensland deputy CEO Paul Bidwell said construction remained a key economic sector in every community.

"Building approvals is a really important indicator of how the local economy is doing,” he said.

"If people are living and working in the area, if industry is doing well, then people are going to be looking at building.”

Mr Bidwell said almost all approved buildings were built, but construction commencement could take years.

"The correlation between approvals and construction is very high, around 99 per cent.

"If a developer is doing their job right, they shouldn't be applying for approvals for buildings that aren't going to get built.” -NewsRegional