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Activity in Australia's construction sector contracted in July for the 17th month in a row.
The latest Performance of Construction Index reported by the Australian Industry Group and Housing Industry Association shows a drop of 3.1 index points from June to a level of 39.5. Readings below 50.0 indicate contraction of activity in the sector.
The home construction sub-index increased 7.9 and moved into expansion with a reading of 51.9 but apartment construction fell 5.9 points to 29.4.
The engineering sub index declined 6.1 points to 35.0. HIA said the historically low interest rates and a doubling of the governments first time home buyers grant program helped boost the housing sector, while tight credit and savvy investors are weighing on apartment construction.
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