Building continues strong role in the economy

Building and construction continues to be a strong performer driving new investment and jobs and in the economy according the latest ABS construction work done results for the March quarter.

“The latest data shows that residential building continues to play a crucial role in the economy as the expected decline in mining related engineering construction continues,” Wilhelm Harnisch CEO of Master Builders Australia said.

“A solid lift in housing construction of 4.8 per cent seasonally adjusted is driven by building approvals and strong finance commitments flowing through to the construction phase and this will continue for months to come,” he said.

“Builders’ confidence will be further bolstered by a sharp 4.3 per cent seasonally adjusted rise in renovation work done,” Wilhelm Harnisch said.

“Encouragingly, a rise of 1 per cent in commercial construction work done was recorded in March which shows that business friendly Budget measures are already working to boost confidence,” Wilhelm Harnisch said.