Supply constraints rather than demand; December quarter construction declines

22 February 2023

 

Summary: Construction spending down 0.4% in December quarter, contrasts with expected increase; constraints around output rather than shrinking demand; residential sector up 0.9%, non-residential building down 5.1%, engineering up 1.0%. Construction expenditure increased substantially in Australia in the early part of last decade following a more-steady expansion through the 2000s. A large portion of the increase came from the commissioning of new projects and the expansion of existing ones to...

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