AUSTRALIA DATA
Q1 construction work volumes contracted 2.9% q/q with the weakness broad-based across states/territories, public/private sectors, engineering and residential/non-residential building. It was the first quarter total public work done fell since Q3 2021. The RBA has previously pointed out weak dwelling investment.
- Residential building fell 1.2% q/q to be down 2.8% y/y while non-residential sank 7% q/q to be 0.9% y/y lower.
- Private construction work done fell 2.4% q/q to be up 1% y/y with private building down 2.8% q/q and 1.2% y/y and engineering -1.7% q/q but is still up 5% y/y.
- Public construction fell 4.3% q/q, the largest quarterly drop since Q4 2018, to be up 3.9% y/y. The weakness was driven by building (-9.2% q/q -7.1% y/y) but engineering also fell (-2.7% q/q +7.8% y/y).
Australia real value of construction work done y/y%
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