Queensland Construction Activity Moderates in September Quarter: CCIQ
The Chamber of Commerce and Industry Queensland (CCIQ) says the national and state economies need a policy boost following a 2.8% decline (-16.9% annual) in construction work completed over the September quarter.
CCIQ notes that the data for Queensland reveals a moderation in the value of construction of residential dwellings which dipped below $3 billion in the three months to September falling 2.3 per cent on the quarter whilst non-residential building revealed a bright spot for the state economy rising 4 per cent to $1.5 billion.
CCIQ Head of Industry, Dan Petrie said the data reflects a period of muted confidence levels and economic uncertainty that has played out recently on global stock markets.
“The construction landscape has been relatively elevated in the last year and the moderation in the value of construction is not totally unexpected.
“Whilst the data is backward looking it is important to recognise that confidence levels among Queensland businesses has been somewhat subdued.
“This is especially the case when one considers this number in conjunction with the forward looking data in the September building approvals figures that show the number of total dwellings and those excluding houses are both below their monthly averages for the year and well off their 5-year averages” , Mr Petrie said.
CCIQ continues to urge policy makers to take decisive action to ensure economic activity is supported going into 2019.
“The non-residential construction category is the most pleasing aspect of this report but it is absolutely essential that state and federal governments target spending initiatives that are going to bolster confidence across the state economy so building activity continues at current levels over the near term,” Mr Petrie said.
Total number of dwelling units ; Queensland ; Houses ; Private Sector ;
Total number of dwelling units ; Queensland ; Houses ; Total Sectors ;
Total number of dwelling units ; Queensland ; Dwellings excluding houses ; Private Sector ;
Total number of dwelling units ; Queensland ; Dwellings excluding houses ; Total Sectors ;
5 year average
Sept 17 to Sept 18 average
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