Construction and engineering projects increase in Q3
According to a recent Australian Bureau of Statistics (ABS) report, construction and engineering works in Australia have increased significantly, defying our current downward economic trend.
During the three months of Q3 — July, August and September — the seasonally adjusted estimate for completed construction work totalled $34.2 billion, up 4.4% over the previous quarter and up 8.8% over Q3 2007. AAP reports that economists had forecast a rise of 1.7% in the quarter.
Engineering work led the way with a 10.4% increase over Q2 to $16.4 billion, followed by residential building works increasing 0.9% to $10.5 billion. Non-residential building works went against the trend, falling by 2.4% to $7.4 billion.
The rise in the total construction work went against the trend from previous quarters, where Q2 fell 0.4%. The figures are expected to contribute to a slight GDP growth for the quarter, offsetting reduced consumer spending.
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