“Master Builders remains confident that prospects for the building industry will remain positive despite the slight 1.2% seasonally adjusted fall in the ABS construction work done data for the June quarter,” said Peter Jones, Chief Economist of Master Builders Australia. Master Builders is a major Australian building and construction industry association, with over 33 000 member companies and representation in every state and territory in Australia.
“The easing in engineering construction forecast by Master Builders Building and Construction Industry Forecast was confirmed by the 3.1% seasonally adjusted fall in June. However, this was largely offset by building work done in residential building and commercial construction which rose 1.5% seasonally adjusted in the same period,” Jones continued.
“House building was particularly strong up 2.2% seasonally adjusted in June following a 7.3% seasonally adjusted rise in May 2014.” said Jones. “Through the year to June, the volume of construction work done was down by 0.6%, a picture painted by residential building being up 9.6%, non-residential building up 2.9% and engineering construction down 5.6%.”
“Building work done was up strongly in New South Wales, Victoria and South Australia with two consecutive quarters of strong growth in residential building boosted by construction of new housing,” Jones added.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.worldcement.com/asia-pacific-rim/01092014/australian-construction-industry-remains-confident-388/