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Construction Activity Solid But Residential Building Flat

AUSTRALIA DATA

Q2 total construction rose 0.4% q/q and 9.3% y/y after 7.3% y/y. It is unlikely to make a material contribution to Q2 GDP but Q1 was revised up significantly to 3.8% q/q from 1.8%, which is likely to add to Q1. Building work rose 0.2% q/q and 4.3% y/y with residential flat on the quarter and non-residential up 0.7% q/q. Engineering rose 0.7% q/q and 15.5% y/y.

  • In terms of building, residential was flat in Q2 to be up 2.7% y/y up from -3.4% in Q1. It made a weak start to Q3 with building approvals disappointing (see MNI Approvals Remain Depressed Despite Growing Population) Non-residential rose 0.6% q/q to be up 6.7% y/y after 6.2%.
  • Growth was seen across Australia apart from NSW and Victoria.

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