The Australian Bureau of Statistics reported on Wednesday that the value of construction work completed in Australia rose by a seasonally adjusted 1.6 percent in the third quarter of 2024, totaling A$73.344 billion. This exceeded the anticipated increase of 0.4 percent and marked a significant rise from the previous quarter's growth of 0.1 percent.
On an annual scale, construction activity increased by 3.2 percent. Breaking it down further, residential construction saw a monthly increase of 1.8 percent and a slight annual increase of 0.1 percent, reaching A$23.373 billion. Meanwhile, non-residential construction experienced a monthly decline of 1.0 percent but grew by 1.7 percent year-over-year, amounting to A$15.265 billion.
