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The ABS has released data on the value of construction work done for the March quarter of 2020, which registered another 1.0% seasonally-adjusted decline in total construction activity over the quarter – the seventh consecutive quarterly decline – and a 6.5% decrease over the year:
However, the result beat analysts’ expectations of a 1.5% decline in construction activity over the quarter.
The 1.0% quarterly decline in construction activity was driven by residential construction (-1.6%), whereas non residential construction was flat and engineering construction fell by 1.1%:
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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.