Australian Construction Falls – Apartment Building Experiences Slowdown
07 April 2017 by News DeskThe Australian Industry Group (AiG) performance of construction index fell in March, sinking from 53.1 to 51.2.
The AiG report read: ‘Across the four construction sub-sectors, house building activity drove growth in industry conditions in March. The sector’s activity sub-index expanded for a third consecutive month and at the fastest pace since mid-2016. In contrast, apartment building activity fell further into negative territory with the sector’s activity sub-index contracting for a seventh consecutive month. Weaker conditions were also evident in commercial and engineering construction with activity in both sectors falling into negative territory after solid improvements in February.’
The pace of apartment, commercial and engineering construction all noted an unfavourable slowdown, but as building approval numbers have been falling, it’s logical that apartment construction would slow as a result. However, it was hoped that infrastructure investment would buoy engineering construction.
Disappointing data releases such as this will do little to help the Aussie dollar which is already feeling the impact of mounting geo-political tensions.
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