‘HOUSING BOOM FUELS CONSTRUCTION BOUNCE’

Date 07.07.2016 Breaking news: Australia’s hot property market has driven the fastest pace of building activity growth in 10 months.

Ai Group head of public policy Peter Burn says there was growth across the board last month, noting solid gains in activity, employment and new orders.

‘The residential sub-sectors of house and apartment building were the standout performers,’ he said.

That’s on track to continue in the coming months, with the new orders sub-index returning to growth for the first time in eight months.

Housing Industry Association chief economist Harley Dale said new residential construction remains the powerhouse of the economy.

‘At the same time, non-residential construction has some spark to it, but the breadth of recovery is still proving elusive,’ he said.

Mr Burn said, while the commercial and engineering construction sub-sectors improved in June, they both recorded a drop in new orders.

‘(That provides) less cause for optimism about the first quarter of the new financial year,’ he said.

Meanwhile the construction activity sub-index also rose solidly after falls in four of the past six months, while employment also lifted.

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Source: http://www.news.com.au/