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Financial News: Australia Construction Work Falls 2.6% In Q3

Australia Construction Work Falls 2.6% In Q3

11/24/2020 - 19:45:00 (RTTNews)

(RTTNews) - The total value of construction work done in Australia was down a seasonally adjusted 2.6 percent on quarter in the third quarter of 2020, the Australian Bureau of Statistics said on Wednesday - coming in at A$51.179 billion.

That missed expectations for a fall of 2.0 percent following the 0.7 percent decline in the previous three months.

On a yearly basis, the value of construction was down 4.2 percent.

Building work was down 2.0 percent on quarter and 7.2 percent on year at A$28.971 billion.

Residential work was down 1.0 percent on quarter and 8.9 percent on year, while non-residential work fell 3.4 percent on quarter and 4.5 percent on year. Engineering work sank 3.3 percent on quarter but gained 0.1 percent on year.

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