No holiday cheer for construction sector
Australian construction firms are expecting a subdued end to 2019, with the latest illion Business Expectations report revealing a sharp deterioration in December quarter forecasts.
illion’s survey of more than 1,200 business owners and executives found businesses in the construction sector are expecting sharp declines across their sales, profit, employment and capital investment figures for the three-month period to 31 December, compared with the same quarter last year.
“As one of the biggest employers in the country – comprising more than 1.1 million Australians – a downturn in the construction sector will have a significant impact on the wider economy.”
Simon Bligh, illion CEO
“The decline in construction is consistent with official data – there is no question that things are deteriorating in the sector. By the end of this year, residential construction activity is likely to weaken further, while the pipeline of new activity for the early part of 2020 will also be reduced.”
Stephen Koukoulas, illion Economic Adviser