Construction industry continues to expand, reaching the strongest growth in construction work activity in a decade.
The Australian Industry Group Performance of Construction index showed that the industry recorded a growth in October for a ninth straight month, easing by 1.5 points to 53.2.
A number of the 50-point level indicates expansion in activity. The October expansion was driven by non-mining work as well as house building activity.
“The positive run continued for the construction sector in October on the back of further growth in the house-building and engineering construction sub-sectors … despite flat commercial construction and another month of contraction in the apartment sub-sector,” said the group’s head of policy Peter Burn.
Apartment building activity picked up albeit at a slower pace, thanks to the decline in new orders and investor demand.
“The outlook for the apartment sub-sector is for a continuation of the orderly retreat from historically high levels that has been evident over the course of 2017,” Burn said. “There may still be plenty of cranes visible on new apartment sites but there are now many less than was the case a year ago.”