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Australia AiG construction index increases at its highest rate since the GFC.

FXStreet (Bali) - Australia AiG Performance of Construction Index was up to 55 in August from previous 52.6, increasing at its highest rate since the GFC.

Key findings

"The national construction industry maintained its growth momentum in August, expanding for a third consecutive month and at a faster pace than in July. Conditions were boosted by a strengthening in activity (which increased at its highest rate since the GFC) and an upturn in new orders. This led to a second consecutive month of growth in employment."

"The seasonally adjusted Australian Industry Group/ Housing Industry Association Australian Performance of Construction Index (Australian PCI®) increased by 2.4 points to 55.0 pointsin August."

"This was above the critical 50 points level (that separates expansion from contraction. It also signalled the industry’s strongest performance since November last year (55.2) and the second strongest since April 2010 (55.8)."

"Growth in activity occurred across most major sectors of the industry. Apartment building was the strongest performing construction sector with its rate of growth lifting solidly in August. House building activity exhibited continued strength rising to its highest level so far in 2014. Commercial construction also maintained growth, although its rate of expansion moderated from the 6½-year high level of the previous month. In contrast, engineering construction activity continued to wind down with activity falling to its weakest level in three months."

"Businesses generally noted that market conditions were improving in response to higher levels of demand. This is reflected in increased tender opportunities and increased success in the securing of contracts. House builders indicated that customer enquiries and buyer confidence were relatively solid in the month, contributing to further rises in new order intakes. Impediments such as a lack of public sector tenders and a decline in mining-related activity were cited as the main constraints on activity."

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