Performance Construction Index down in March
Recent figures from the Housing Industry Association (HIA) show a continued trend for the decrease in construction numbers for March.
The Australian Performance of Construction Index (PCI) slipped 6.6 points over the month down to 39.
With readings under 50 points showing a contraction in the industry and the distance from 50 showing the gradient of the decline, the numbers add up to give a grim report on new orders, employment and supplier deliveries throughout March.
"A further improvement in the Australian PCI in March would have helped allay what remain prominent concerns about the breadth and sustainability of a residential construction recovery," said HIA chief economist Harley Dale.
The March findings showed a decrease in house and apartment building, new orders and employment, although commercial construction remained largely the same.
Despite these figures however, a recent Master Builders Association survey shows sentiment among builders to be strong for mid- and long-term prospects in the construction industry.
While the general consensus of the current construction market is gloomy, the builders surveyed remain hopeful for future improvements.