This morning’s AiG Performance of Construction Index (PCI) was a sobering look at the challenge ahead for the RBA in retrieving dwelling construction form its current slump as mining slows.
The headline result was another shocker:
Not quite a record but not far away. The sectoral split shows that engineering work is already slumping:
Advertisement
I’ve never quite been able to figure out how the engineering component of the index is so low amid the greatest engineering construction boom in the nation’s history but anyway, it’s falling fast now.
New orders also stank:
And the internals sucked across the board:
Advertisement
Some work ahead to turn this baby around.