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STATISTICAL ANALYSIS: Increase In Building Permits Issued

This week we look at the Fijian dollar (FJD) and its key driver – the Australian dollar (AUD). In December quarter of 2014, 403 building permits for construction work valued
11 Apr 2015 08:29
STATISTICAL ANALYSIS: Increase In Building Permits Issued
Graph: Permits issued

This week we look at the Fijian dollar (FJD) and its key driver – the Australian dollar (AUD).

In December quarter of 2014, 403 building permits for construction work valued at $71.2 million was issued.

This was an increase of 8.3 per cent in the number of permits issued and 17.9 per cent in the total value for construction works approved when compared to September quarter of 2014.

For the same period in 2013, the number or permits issued and their values were 4.9 and 40.5 per cent higher respectively.

Building permits issued for factories, hotels, religious buildings, education and commercial contributed significantly to the non-private dwellings component.

It can be seen in Graph that for the period of 2014, the number of building permits issued increased each quarter and this can tell us that our economy is thriving.

More permits issued means more foreign investment, more employment, etc.

The total number of building permits issued in 2014 was 1,501 with a value of $219.8 million.

In comparison with the previous year, there was an increase of 6.3 per cent in the number of permits issued and 10.4 per cent in the total value of construction works approved, this is a total of 1,412 permits issued with a value of $199.2 million.

Completion Certificates Issued

Completion certificates issued for December quarter of 2014 was a total of 126 with a value of $18.8 million.

The number of completion certificates issued for September quarter of 2014 was 0.8 per cent and 55.6 percent higher respectively when comparing against December quarter of the same period.

When compared to the December quarter of 2013, the number of completion certificates issued and their values were 1.6 and 2.4 per cent higher respectively.

Completion certificates issued for hospital, factories, educational, commercial hotels and religious buildings contributed significantly to the non-private dwellings component.

The total number of completion certificates issued in 2014 was 542 with a value of $108.6 million.

This was an increase of 7.1 per cent and 99.0 per cent respectively when compared to the previous year with 1,412 completion certificates issued with a value of $54.6 million.

Graphs depict a spike for permit issued in 2012 and was completed in 2014. We still have in the pipeline approximately FJ$71 million and counting.

Non private dwelling leads with 68% of value followed by 26% for private dwellings.

Private dwellings will remain a shortage as its two pronged because it lacks physical quality homes and two salaries or employment remain key in the purchase decision for a home.

Credit must be given to government with first home buyer initiatives, increase in minimum wage, housing authority providing low cost housing and duty concessions on building materials, competition in the cement and block making industries are all conducive to a vibrant economy.

Opportunity remains for local businesses in plumbing, electrical, wood, rock and sand business to name a few.

– This is an informative publication, sponsored by The Fiji Sun, Fiji Bureau of Statistics and HFC Bank. All views expressed or implied are purely of the Treasurer at HFC Bank, Peter Fuata.

 




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