Construction activity expanded for the third straight month in May, albeit at a slower pace as operating conditions became more difficult, according to a survey of the sector.
The Australian Industry Group/Housing Industry Association Performance of construction Index was 53.2 in May, down 2.6 points from April, but still above the 50-point level indicating an expansion in activity. House building experienced the strongest conditions, with a rise in new orders and increased investor activity.
This was in stark contrast to the apartment building subsector, which recorded a sharp decline in May, with the subsector index down 16.8 points.