Australia's construction activity marked a third consecutive year of contraction in May, results of a survey by Australian Industry Group and the Housing Industry Association showed Friday.
The Performance of Construction Index remained broadly unchanged at 35.3 compared with 35.2 in April, suggesting continued sharp decline in activity during the month.
Readings below 50 indicates contraction in activity. The May reading marked the thirty-sixth consecutive month that the index has been below 50.
The house building sector weakened for a third consecutive month, with activity recording the sharpest rate of contraction in eight months. In contrast, commercial construction activity declined at a slower pace while rates of contraction in apartment building and engineering construction remained unchanged.
The new orders sub-index fell by 2.9 points from a month earlier to 34.8. Despite the sluggish conditions, input prices and wages continue to increase, the survey found.
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