The data for construction work done in the third quarter shows a larger than expected contraction (seasonally adjusted) of 2.2% for the quarter. The market had been expecting a reduction of about 1.9%.
The main cause of the $1.2 trillion decline nationwide (to $51.15 trillion) was the slowdown in engineering construction (which includes mines, roads and bridges) seen in Queensland. The Sunshine State saw a total fall of some $900 million of which $865 million came from the engineering sector. This element alone in Queensland accounted for almost two-thirds of the entire fall across the nation.
On a brighter note, residential construction in Queensland bucked the national trend with a small (0.3%) increase over the quarter. However, the engineering figures resulted in a total figure for the State which was down 6.8% q/q compared to the national figure of -2.2% q/q.
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