Housing construction is forecast to pick up and a burst of public investment will be key growth drivers over the year ahead, according to the Australian CAPEX report released by Westpac.
Such increase is “typically the case in the earlier stages of an economic recovery” the report said.
By contrast, the credit crisis and global recession have hit the non-residential building sector particularly hard, with approvals down about 50% from last year’s high, according to the report.
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