Australia Construction Work Done for Q3: -0.4% q/q (expected -1.0%)
The construction sector has been somewhat in the doldrums. This data point showing the fifth consecutive negative quarter.
- The seasonally adjusted estimate (i.e. the headline above) for total construction work done fell 0.4% to $50,849.7m in the September quarter.
- trend estimate for total construction work done fell 1.6% in the September quarter
ABS with more:
trend estimate for total building work done fell 1.8%
- trend estimate for non-residential building work done rose 0.2% and residential building work fell 3.0%
trend estimate for engineering work done fell 1.1% in the September quarter.
- seasonally adjusted estimate for engineering work done fell 0.2%
This numner will detract from Q3 GDP (data due next week) …. and its even uglier than that. Private work down 8.3% y/y, public work down 7.2%.
Background to this is here: