AusBN – Australia’s construction industry contracted in December, despite an increase in housebuilding.
The Australian Industry (Ai) Group’s Performance of Construction Index dropped 3.9 points to 46.8 points, ending a four-month run of expansion.
Ai Group’s chief economist Julie Toth commented: “Looking ahead, the downturn in new orders across all four construction sub-sectors in December is a concern for 2016.”
Engineering construction has been contracting for 18 consecutive months, due largely to the decline in mining activity and large-scale government projects.
And with building approvals slumping by 12.7% in December, it looks like housing investment could soon be on its way down too.