Australia Construction Work Slumps 2.9% In Q1

(RTTNews) - The value of total construction work done in Australia was down a seasonally adjusted 2.9 percent on quarter in the first quarter of 2024, the Australian Bureau of Statistics said on Wednesday - coming in at A$64.032 billion.

That missed forecasts for an increase of 0.6 percent following the 0.7 percent gain in the three months prior.

Individually, building work was down 3.7 percent on quarter, while residential work fell 1.2 percent, non-residential work dropped 7.0 percent and engineering work sank 2.1 percent.

On a yearly basis, overall construction work was up 1.8 percent.