Australia’s construction industry has shown signs of recovery in the second quarter of 2024, with construction work done increasing by 0.1%. This marks a notable improvement from the first quarter of 2024, which saw construction activity plummet by -2.9%. The updated data, released on August 28, 2024, reflects a Quarter-over-Quarter comparison, highlighting a positive shift in the sector’s performance.The first quarter’s sharp decline had raised concerns about the industry’s stability, making the modest growth in the second quarter a welcome development. Analysts attribute this rebound to a combination of factors, including easing supply chain disruptions and renewed investor confidence in the housing market.While the 0.1% growth is relatively small, it suggests a stabilization and potential for continued upward momentum in the coming quarters. Stakeholders within the industry will be closely monitoring upcoming data releases to gauge whether this positive trend will persist and contribute to broader economic recovery in Australia.The material has been provided by InstaForex Company – www.instaforex.com
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