Construction sector contracts further in February
The national construction sector has declined in February, according to the latest Australian Industry Group figures.
The Australian Performance of Construction Index (PCI) fell by four points to 44.2 in February, a 50% contraction in performance.
While house building continued to grow alongside commercial construction, a sharp drop in engineering and apartment building is being blamed for the pulling overall constriction figures down. New orders also fell to their lowest levels since July 2013.
In a statement, Ai Group director of public policy Peter Burn said developments in the construction sector reflected the conditions in the broader economy.
“The mining investment boom is fading, as seen in the sharp fall in engineering construction activity and new orders,” he says.
“Even though there is an accumulation of positive signs, other sectors are not filling the void.”
This article first appeared on SmartCompany.
