The ABS released the Building Activity data to December 2014. Overall, the trend estimate of the value of total building work done fell 0.2% in the December 2014 quarter. This is despite the estimate of the value of new residential building work done rising 1.0% in the December quarter and the value of work done on new houses rose 0.3% while new other residential building rose 1.9%. Construction for units therefore helped prop up the numbers. This is because the trend estimate of the value of non-residential building work done fell 1.4% in the December quarter.
Looking at the quarter on quarter trend estimate changes, we see a drift downward since mid last year. Momentum in NSW based on value of work done fell furthest. Residential construction cannot replace the decline in other sectors.
