This morning we get the first of Australia’s Q1 GDP inputs: construction work completed.
Here’s the state of play.
- In the December quarter of 2014 total construction work completed totalled $A50.047 billion, some 4.8% lower than a year earlier.
- Engineering work, reflecting the winding down of the mining capital expenditure boom, fell to $A27.882 billion, 12.3% below the levels of a year earlier.
- Partially offsetting this decline, the second-largest component in terms of work completed, residential construction, jumped 12.7% from a year earlier to $A13.878 billion.
- Non-residential construction, the third-largest component, slid 2.6% to $A8.587 billion.
- In the March quarter of 2015 total construction spend is expected to have fallen by a further 1.5% (shown in red).
- In December quarter engineering work accounted for 55.4% of work completed, overshadowing buildings which made up 44.6%. Given recent trends the gap between the two is likely to narrow substantially in the March quarter.
We’ll have full details once the data hits screens at 11.30am Sydney time this morning.