Here’s some good news. Today’s ABS Construction Work Done report for the June quarter showed decent activity in regular building work – housing and commercial realty – and stratospheric activity in engineering construction, which is all those major projects in mining:
The boom is most obvious in the private sector but public sector is hammering along too, after a decade of neglect under the Howard government. When one considers that the NBN is just getting going, the promise of engineering construction becomes rather epic:
A state by state breakup shows that the latest surge is Queensland based, which is, no doubt, coal seam gas. WA and QLD are now enjoying similar levels of engineering construction. NSW is faring ok too, around coal:
Victoria may be missing out on the main game but is enjoying instead large fiscal transfers for special projects and powering head on the housing construction burst emanating from its people ponzi scheme:
Obviously, everywhere else is looking a bit tired vis-a-vis housing construction.