- Total construction work completed rose 2.4% to $51.98B in the March quarter.
- Largest quarterly increase was from WA, up 9.8%
- Largest year on year increase from NT, 33.6%
The more than $8 trillion real estate industry in Australia has notched another positive number: construction work done is up 2.4% overall.
Real estate has been one of the hottest industries in Australia, buoyed by a number of factors including large state and federal government grants, returning expats buying up, historically low interest rates and all the rest.
Over the past two months, The Property Tribune reported building approvals were rising strongly.
However, one recurring issue was the shortage of construction workers to complete work in time for the government grant deadlines, as well as raw material shortages.
The preliminary data
Those aforementioned worries about labour and material shortages haven’t stifled construction work too much it seems.
The Australian Bureau of Statistics said the preliminary data shows construction work done rose 2.4% to $51.98 billion in the March quarter. Building work specifically was up 2.5%, engineering work up 2.2%.
Across our states, Western Australia saw the greatest quarterly increases, up 9.8% for the quarter, and 13.3% year on year.
On the other side of the scale, The Northern Territory witnessed a significant quarterly fall in construction work, down 16.4%. However, year on year their increase is up the most, at +33.6%.