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Australia Q3 Construction Work Done Soars 15.7%

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The value of total construction work in Australia done in the third quarter of 2017 surged a seasonally adjusted 15.7 percent on quarter in the third quarter of 2017, the Australian Bureau of Statistics said on Wednesday - coming in at A$61.863 billion.

The headline figure blew away forecasts for a decline of 2.3 percent following the 9.3 percent jump in the second quarter.

On a yearly basis, the value of total construction work skyrocketed 30.1 percent.

The value of building work fell 0.4 percent on quarter and gained 1.4 percent on year to A$27.621 billion, while residential work dipped 0.3 percent on quarter and 1.7 percent on year to A$18.102 billion.

Non-residential work shed 0.6 percent on quarter and gained 7.9 percent on year to A$9.519 billion and engineering work skyrocketed 33.0 percent on quarter and 68.4 percent on year to A$34.241 billion.

Also on Wednesday, the latest survey from Westpac Bank showed that Australia's economy continued to expand in October.

The bank's leading economic index was up 0.13 percent on month last month, after gaining an upwardly revised 0.14 percent in the previous month.

September's original reading called for an increase of 0.08 percent.

by RTT Staff Writer

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