The latest results from the Australian Bureau of Statistics for construction work done in NSW show that after a continuous rise since 2012 the amount of construction is tapering off, says the Urban Taskforce.
“The quarterly measure of construction work done, seasonally adjusted, in NSW was only $4.555 billion in March 2012 and this has risen to $8.016 billion by March 2016 which is a dramatic increase,” says Urban Taskforce CEO, Chris Johnson. “But from March to June this year, the amount of construction work in NSW has dropped to $7.692 billion indicating a tapering off in construction activity.”
“The drop in construction activity appears to affect both residential buildings and non -residential buildings.”
“While the last year has produced record construction in both residential and non -residential activity it is of concern that there seems to be a tapering off of the upward rise. This could be the beginning of a general down turn or it could be a correction from boom times to a more even performance.”
“The quarterly construction figures per state are better understood if the overall cost is divided by the state’s population to give a per capita expenditure. On this basis NSW at $982 per capita trails Queensland at $1028 per capita, Western Australia at $1215 per capita and Victoria at $1235 per capita.”
See below graph on Total Building based on ABS figures:
