Construction turnover recovers

The Construction industry recorded the largest percentage increase in business turnover in February, rising 4.6 per cent, according to monthly figures by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business indicators, said: “After a fall in January of 3.3 per cent, turnover for non-residential builders and engineering firms drove the February rise, as the industry works through a large pipeline of infrastructure projects.

“The industry is up 15.4 per cent on the same time last year, reaching its highest level since January 2010 when the turnover indicator series began. The cost of construction has been rising due to increasing input material prices and high labour demand.”

Mining saw the largest fall in turnover (-3.7 per cent), aligning with a decline in iron ore exports and a drop in global lithium prices. This was followed by Manufacturing, which fell 2.9 per cent, with weakness seen across metal and chemical manufacturers.