Construction work falls 1% in March quarter, ABS reports
The value of construction work done fell across Australia by a lower than forecast 1 per cent in the March quarter.
The value of construction work done fell across Australia by 1 per cent to $49.48bn in the March quarter, figures released by the Australian Bureau of Statistics show.
The latest figures coincide with the hit to the economy from the coronavirus pandemic as businesses and activity ground to a halt from the lockdown.
Market economists had forecast at 1.5 per cent seasonally adjusted fall in construction work done, according to Bloomberg estimates, compared to a 3 per cent fall during the December quarter.
Driving the fall was building work - including major office projects and apartments - which fell 1 per cent to $28.92bn in seasonally adjusted terms during the March quarter, the ABS figures show.
The estimate for engineering work done, which takes into account major infrastructure and mining projects, fell 1.1 per cent to $20.55bn in the March quarter.
Construction work is seen as a key driver of Australia’s economic recovery coming out of the 2020 financial downturn.
However with many infrastructure projects a state-based responsibility the COVID-19 crisis has placed an additional strain on state budgets.
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