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5 Dec 2014
Australia's AIG construction index takes big hit in Nov
FXStreet (Bali) - Earlier on the Asian session, we saw Australia's AIG Performance of Construction index for November suffer a major decline from 53.4 to 45.4.
Views from Julie Toth, Chief Economist at AiGroup
"Survey respondents attributed this month’s deterioration in conditions to a decline in new tendering opportunities, slow public building activity, project delays and a further decline in new mining-related construction projects."
"While one month’s data does not necessarily indicate a new trend, this slower pace of building activity was also reflected in slightly lower building approvals for detached houses in October and September (released this week) and in the latest GDP estimates for Q3 for Australia."
"These data really underscore the fragile and sporadic nature of the current recovery in residential housing activity, especially as we move into the end of year shut-down period for much of the industry.”
Views from Julie Toth, Chief Economist at AiGroup
"Survey respondents attributed this month’s deterioration in conditions to a decline in new tendering opportunities, slow public building activity, project delays and a further decline in new mining-related construction projects."
"While one month’s data does not necessarily indicate a new trend, this slower pace of building activity was also reflected in slightly lower building approvals for detached houses in October and September (released this week) and in the latest GDP estimates for Q3 for Australia."
"These data really underscore the fragile and sporadic nature of the current recovery in residential housing activity, especially as we move into the end of year shut-down period for much of the industry.”