Build me up, buttercup (or not, I suppose)
Comes in at -0.2% q/q
- A big miss on the consensus median estimate of +0.5%
- The prior was -4.4%, revised from -4.9% (good news if you like archaeology and stuff :-D ... i.e that's a revision to July - September 2016 data).
For the y/y, comes in at -7.8%
- Residential +1.1% q/q
- Non residential +1.8% q/q (Engineering -2.2% q/q)
- Private infrastructure activity -3.5%
- New home building +0.9%
- Renovation work +2.2%
Private commercial building +5.1% - Public works -1.6%
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- This is an input into the GDP figure.
- 2016 Q3 GDP was a negative q/q result
- Q4 is expected to 'bounce back' into positive. The negative result on the construction data today will be a bit of a wobble for those expectations.
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ps .... just for a giggle, here's a headline I saw:
- Australia Q4 construction work done increase to -0.2 %
tee hee .... sounds like someone has an even more optimistic outlook than me :-D