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Monday, results of a survey showed that Australia's construction industry shrunk at a slower pace in August compared to the previous month. The report also revealed that new orders continued to fall in August, albeit at a slower pace, and that employment in the construction sector fell for the seventeenth consecutive month.
The Australian Industry Group and the Housing Industry Association's Performance of Construction Index rose a seasonally adjusted 2.9 points to stand at 42.4 in August compared to the 39.5 reading in July.
A reading below 50 means that the construction sector is contracting. The sector shrunk for the eighteenth month in a row in August.
The survey results are based on a sample of nearly 100 companies.
The main negative influences on activity in August came from the declines in engineering and commercial construction, the report said. "However, work on house building projects exhibited further resilience and increased for a second consecutive month, while the pace of decline eased considerably in the apartment sector."
Among the sub-indices, the construction activity index was at 40.5 in August, up from 38.5 in the previous month. Of this, the house building sector showed further improvement in August, with the sub-index rising 0.6 points from July to stand at 52.5. The apartment building contracted at a much slower pace, with the index rising 15 points to 44.4.
On the other hand, engineering construction recorded a fall, down 3.2 points to 31.8. Commercial building registered its sixteenth decline in the past 18 months, recording 39.6 in August.
New orders contracted for the eighteenth consecutive month, although they showed a slower rate of decline in August. New orders index in August was at 42.5, up 5.7 points from the previous month. New orders in the house building sector rose 10.6 points to 53.8, marking the first rise since January 2008. New orders declined at a slower pace in the commercial sector, with the index rising 11.1 points to 47.2, which is the slowest rate of decline in the sector over the past 17 months.
The employment sub-index was at 42.6 in August, up 1.8 points from July's reading, marking the seventeenth successive month of workforce reduction. Growth in wages was at a slightly slower rate, with the index decreasing 0.8 points from July to stand at 55.6 in August.
Meanwhile, the supplier delivery index was at 45.7 in August compared to 44.4 in the previous month. Input prices rose at a higher pace in August, with the index registering 70 compared to 68.5 in July. On the other hand, selling prices declined at a slower pace, with the index at 48.7 in August compared to 42.2 in July.
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