This data will be an input into the economic growth numbers due on June 5 (Q1 GDP)
And not a nice one …. down 1.9% q/q
- expected flat
- prior was down 2.1%, revised from down 3.1% …. so there is that ….
- Public works -3.7% (infrastructure down 2.2%)
- Private construction -1.3%
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For background on this:
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More, comments via WPAC:
- weakening of activity was relatively broadly based, across housing; public works and private infrastructure.
- housing downturn still has further to go and will weigh on conditions during 2019
- public works, there is a sizeable work pipeline and governments are adding projects to the investment pipeline - suggesting that the segment will be more supportive of conditions over the forecast period.
- On private infrastructure, commencements have picked-up a little (eg some iron ore projects have proceeded in response to the higher prices) and the work pipeline has increased - pointing to an emerging lift in activity during this year.
