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Financial News: Australia Construction Work Done Falls Less Than Expected

Australia Construction Work Done Falls Less Than Expected

11/26/2019 - 23:30:00 (RTTNews)

(RTTNews) - Australia's construction work done declined less than expected in the September quarter, data from the Australian Bureau of Statistics showed Wednesday.

Construction work done decreased 0.4 percent sequentially in the third quarter compared to the expected fall of 1 percent. On a yearly basis, the value of construction work done declined 7 percent.

Within total work, building work dropped 0.5 percent and residential work declined 3.1 percent. Engineering work fell 0.2 percent. Partially offsetting these declines, non-residential work done grew 4 percent.

The construction sector is in a cyclical downturn led by the housing sector, where conditions have swung from boom-to-bust, Andrew Hanlan, an economist at Westpac said. Public investment will be supportive of growth over the near-term, with governments continuing to commit to additional projects, the economist added.

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