Queensland Engineering Construction Rising But Not Reflective of Political Infrastructure Rhetoric: CCIQ
The level of Queensland engineering construction data for the March quarter lifted by $1.375 billion to $4.878 billion as private activity in the resources industry boosted the sector according to the latest data released by the Australian Bureau of Statistics.
The Chamber of Commerce and Industry Queensland (CCIQ) notes that the forward indicator of construction activity remains down $828 million from a year ago, but has welcomed the uptick in activity over the last six months.
CCIQ Head of Industry, Dan Petrie said that today’s data should be encouraging as there is some evidence emerging of improved resilience in the construction sector and the key take out being an improvement in the value of work associated with heavy industry driving the latest result.
“Whilst a more accommodative monetary policy, electoral certainty and the prospect of a steady pipeline of work appears more certain it would seem that we are now seeing some green shoots in the all important construction space.
“The Queensland economy still has a fair way to go in terms of realising greater activity consistent with at least $3 billion worth of private sector projects and one billion of public works commencing quarterly,” Mr Petrie said.
CCIQ notes that the value of public works in Queensland surpassed Victoria in the March quarter.