Construction Work Done for the March quarter of 2017, a miss on expectations with a fall of 0.7% q/q
- expected -0.5%, prior revised to +0.6% from -0.2% (one for the history buffs)
In a nutshell, this does not auger well for Q1 GDP (data due 7th June).
- A bigger than expected drop for this data point will weigh
- As will weak consumer spending
-----
You can see the 'capex cliff' in the 'Engineering Construction' line above (on the left)
Key points from the Australian Bureau of Statistics:
TOTAL CONSTRUCTION
- The trend estimate for total construction work done fell 0.6% in the March quarter 2017.
- The seasonally adjusted estimate for total construction work done fell 0.7% to $46,416.9m in the March quarter.
BUILDING WORK DONE
- The trend estimate for total building work done fell 1.1% in the March quarter.
- The trend estimate for non-residential building work was flat and residential building work fell 1.7%.
- The seasonally adjusted estimate of total building work done fell 2.8% to $26,227.2m in the March quarter.
ENGINEERING WORK DONE
- The trend estimate for engineering work done rose 0.1% in the March quarter.
- The seasonally adjusted estimate for engineering work done rose 2.2% to $20,189.7m in the March quarter.
more to come
--
Preliminary statistics for the value of construction work done in Australia.
- Separate data is shown for building work done and for engineering work done for both the private and public sectors.
- The building work done data is further dissected into new residential, alterations and additions to residential and non-residential work.
- This is the major source of data used to compile the national accounts estimates for private gross fixed capital formation on dwellings, and other buildings and structures.