NEW figures from Regional Development Mid North Coast (RDAMNC) have revealed a startling drop in both residential and commercial building approvals in the Nambucca Valley during 2010-11.
A comparison showed that, during the 2009-10, $21.7m worth of residential and $21.9 in non-residential building approvals were recorded in the local area; yet for 2010-11, these figures dropped to $14.7m residential and $4.9 residential. This represented a drop of 32.34% and 77.61% respectively. The negative growth scenario was repeated all over the Mid North Coast.
Master Builders Australia’s Peter Jones, said the commercial building industry was caught on the wrong side of the two speed economy.