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The ABS has released data on the value of construction work done for the September quarter of 2019, which registered another 0.4% seasonally-adjusted decline in total construction activity over the quarter – the fifth consecutive quarterly decline – and a 7.9% decrease over the year:
However, the result beat analysts’ expectations of a 1.0% decline in construction activity over the quarter.
The 0.4% quarterly decline in construction activity was driven by residential construction (-3.1%), whereas non residential construction posted a solid rise (+4.0%). Engineering construction (-0.2%) also fell slightly in real terms:
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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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