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Building industry activity still falling
5-September-08
Written by AAP
Activity in the building industry fell for the sixth straight month in August as high interest rates and poor investor and consumer confidence hit the sector, a private survey shows.
The Australian Industry Group-Housing Industry Association Performance of Construction Index (Australian PCI) stayed below the 50 level that separates expansion from contraction.
The rate of contraction slowed, however, as the index rose by 1.5 index points to 43.1.
"The decline reflected the impact of weaker house building activity, and a further fall in the apartment sector (albeit at a slower rate) and a reduction in work on engineering construction projects," the survey said.
Article continues...
5-September-08
Written by AAP
Activity in the building industry fell for the sixth straight month in August as high interest rates and poor investor and consumer confidence hit the sector, a private survey shows.
The Australian Industry Group-Housing Industry Association Performance of Construction Index (Australian PCI) stayed below the 50 level that separates expansion from contraction.
The rate of contraction slowed, however, as the index rose by 1.5 index points to 43.1.
"The decline reflected the impact of weaker house building activity, and a further fall in the apartment sector (albeit at a slower rate) and a reduction in work on engineering construction projects," the survey said.
Article continues...
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