26 Mar 2010

Construction Work At Record High

As indicated on Noosa News A RECORD $41.7 billion worth of construction work was completed in the three months to the end of June, buoyed by a surge in residential building.

The Australian Bureau of Statistics said on Wednesday total construction work done in the June quarter rose by a seasonally adjusted 3.5 per cent, almost double the growth seen in the previous three months.

Economists’ forecasts had centred on a 3.0 per cent increase in the June quarter.

The data feeds into the June quarter national accounts that will be released next Wednesday.

Other components for gross domestic product so far have seen a positive impact from consumer spending, while exports are expected to give a massive boost to growth.

Total building work rose 5.3 per cent to $21.4 billion in the quarter, with residential building up 7.7 per cent to $11.7 billion.

Non-residential building rose 2.6 per cent, while engineering work was up 1.5 per cent.

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