National construction activity continued to decline in August, albeit at a more moderated pace, the Australian Industry Group (Ai Group) and Housing Industry Association’s Performance of Construction Index showed today.
The Index registered 43.1 for the month, remaining below the key 50 level which separates expansion from contraction.
Tony Pensabene, Ai Group associate director of economics and research, said the August result, coupled with the past two months, suggested the industry may be approaching a slow recovery.
“We are seeing early signs that the industry has passed a low point in the current cycle with the rate of decline in activity moderating for a third straight month,” he said.
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