Building approvals spike in May

Building approvals jumped in May, beating expectations of a more modest rise, official data shows.

The Australian Bureau of Statistics data showed the number of buildings approved rose a seasonally adjusted 9.9 per cent to 16,425 in the month.

That compares to 14,931 approvals in April, seasonally adjusted.

Economists surveyed by Bloomberg had expected the figures to show a 3.2 per cent lift in approvals during the month.

Over the 12 months to May, building approvals were up 14.3 per cent, the Australian Bureau of Statistics said.

Approvals for private sector houses rose 0.5 per cent in the month, while private sector dwellings excluding houses rose 27.2 per cent in the month.