The Australian Bureau of Statistics reported on Wednesday that the total value of construction work completed in Australia saw a seasonally adjusted increase of 0.1 percent in the second quarter of 2024, reaching A$64.932 billion. This figure fell short of the projected 0.8 percent growth, following a 2.9 percent decline in the preceding three months.Year-over-year, the total construction work increased by 1.5 percent.Breaking it down, building work decreased by 0.9 percent quarter-over-quarter and 1.7 percent year-over-year. Within the residential sector, construction dropped by 0.9 percent quarter-over-quarter and 3.7 percent year-over-year. Non-residential construction also fell by 0.9 percent on a quarterly basis but grew by 1.2 percent annually. Engineering work remained unchanged from the previous quarter but showed a substantial increase of 5.1 percent compared to the same period last year.The material has been provided by InstaForex Company – www.instaforex.com
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