The Australian construction industry continues to expand with the Australian Industry Group/Housing Industry Association Australian Performance of Construction Index increasing by 4.3 points to 57.5 points in November.
That’s the 10th month in a row that it’s been expanding.
Any figure above 50 in the index signals growth.
The strongest performing sector was engineering construction which expanded to an 11 and a half year high on the back of rising momentum in the roll-out of large-scale infrastructure projects.
Commercial construction lifted to its second highest level in almost 3 and a half years.
House building expanded by 8.2 points to 61.3 points, reaching its strongest growth in four months consistent with new orders coming in.
These increases all offset the contraction in the apartment building sector.
HIA Senior Economist, Shane Garrett, said the short term outlook for new home building is stronger with interest rates set to remain at record lows for longer than expected.