Australian construction activity shrank in November with industry players complaining of slow public building activity, project delays and a further decline in new mining-related projects.
The overall index of construction activity dropped 8.0 points to 45.4 in November, falling below the 50 threshold that separates growth from contraction, a report by the Australia Industry Group and Australian Housing Association showed.
The rate of expansion in detached house and apartment building activity also slowed in November, the survey showed. “It will be disappointing if the rate of expansion in these Australian PCI components fails to reaccelerate in coming months given new home construction is currently the key domestic sector with promise of healthy activity in 2015,” said HIA chief economist, Harley Dale.
Reuters
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