Construction work done
- Construction work done fell from record highs, down by 2.1 per cent in the September quarter. In real terms the value of construction work done fell to $41.4 billion in the September quarter.
- Residential building slumped by 6.1 per cent in the quarter– marking the biggest quarterly fall in nearly a decade. Private sector work fell by down 5.9 per cent CommSec estimates the slide in residential building will detract 0.2-0.3 percentage points to September quarter GDP growth
- The longer term outlook for commercial and residential construction is still positive. Construction work yet to be done stood at $42.4 billion in the September quarter, down a modest 6.0 per cent from the record highs reached in the March quarter.
- CommSec estimates that overall construction costs rose by 0.7 per cent in the September quarter – marking the biggest rise in two years. In annual terms, construction costs are now up 1.4 per cent on a
year ago.