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Housing crisis dampens construction activity

Thursday, 13 Sep 2007 ( #327 ) - Australia
Local News Story
The housing affordability crisis continues to impact upon the Australian construction industry, leading to a further deterioration in activity last month, new figures show.

Although the Reserve Bank of Australia kept interest rates on hold this month at 6.5%, nine interest rate rises since May 2002, including one in August, are hampering growth in the construction industry.

Activity has deteriorated for the second consecutive month in August, with the Australian Industry Group-Housing Industry Association Performance of Construction Index (PCI) falling 0.4 points to 48.4.

Companies contributing to the PCI survey attributed subdued market conditions to low levels of customer inquiries and fewer invitations to tender, according to the Australian Industry Group (AiGroup) and Housing Industry Association (HIA).
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