Building approvals beat forecasts

Building approvals surged in August, coming in well above expectations, official data shows.

The Australian Bureau of Statistics data showed the number of buildings approved rose a seasonally adjusted 3 per cent to 16,810 in the month.

That compares to 16,318 approvals in July, seasonally adjusted.

Economists surveyed by Bloomberg had expected a 1 per cent rise in building approvals during the month.

Over the 12 months to August, building approvals were up 14.5 per cent, the Australian Bureau of Statistics said.

Approvals for private sector houses fell 1.8 per cent in the month, while private sector dwellings excluding houses, which includes apartment blocks and townhouses, rose 9.6 per cent in seasonally adjusted terms.