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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.
| QLD | AUS | |||
| $m | % chg q/q | $m | % chg q/q | |
| Building | 4,123.6 | -2.0 | 22,435.8 | -1.0 |
| Residential | 2,433.0 | +0.3 | 13,447.3 | -1.6 |
| Non-residential | 1,690.6 | -5.1 | 8,988.4 | -0.1 |
| Engineering | 8,883.1 | -8.9 | 28,710.6 | -3.2 |
| TOTAL | 13,006.7 | -6.8 | 51,146.4 | -2.2 |
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November 26th, 2014 at 11:46 am
[…] engineering construction as a source of demand (see the chart below and Pete Faulkner’s post Qld leads the way in construction work done slowdown). Although data from earlier this month show building approvals are trending upwards, there’s […]