The value of construction work jumped by an astronomical 15.7% in the September quarter, the second quarter in a row where the value of construction work has grown by outsized amounts. Compared to a year ago, September quarter construction was 30.1% higher, another jump from June’s 12 month revised 7.7% growth rate.
The large increase follows June quarter’s 9.8% increase (after revisions). June quarter figures were inflated by an additional $4.7 billion of engineering construction, thought mostly accounted for by a floating LNG platform. September engineering construction was up an additional $8.5 billion and ANZ senior economist Felicity Emmett thinks the Ichthys and Prelude plants were behind the increase. “Excluding these, our estimate is that construction work done was broadly flat.”
