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The ABS has released data on the value of construction work done for the December quarter of 2016, which registered a seasonally-adjusted 0.2% fall in total construction activity over the quarter and a 7.8% decline over the year. Expectations were for a big rebound to 0.5%:
The 0.2% quarterly fall in construction activity was driven by engineering construction (mostly mining-related), which fell by 2.2% in real terms. By contrast, building construction rose by 1.3% over the quarter, with residential construction rising 1.1% and non-residential construction rising 1.8% (see below chart).
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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