Australia’s construction industry records the largest increase in business turnover

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Australian Bureau of Statistics data reveals that the construction industry recorded the largest percentage increase of 4.6% in business turnover in February.

The Construction industry recorded the largest percentage increase in business turnover in February, rising 4.6 per cent, according to monthly figures released today by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business indicators, said: “After a fall in January of 3.3 per cent, turnover for non-residential builders and engineering firms drove the February rise, as the industry works through a large pipeline of infrastructure projects.

“The industry is up 15.4 per cent on the same time last year, reaching its highest level since January 2010 when the turnover indicator series began. The cost of construction has been rising due to increasing input material prices and high labour demand.”

Administrative and support services recorded the second largest monthly rise in turnover (+2.4 per cent), followed by Transport, postal and warehousing (+2.1 per cent).

Mining saw the largest fall in turnover (-3.7 per cent), aligning with a decline in iron ore exports and a drop in global lithium prices. This was followed by Manufacturing, which fell 2.9 per cent, with weakness seen across metal and chemical manufacturers.

All 13 selected industries recorded year-on-year increases, led by Accommodation and food services and Administration and support services (both +21.7 per cent), followed by Manufacturing (+15.7 per cent).

January 2023 to February 2023 (%)February 2022 to February 2023 (%)
Construction4.615.4
Administrative and support services2.421.7
Transport, postal and warehousing2.113.5
Accommodation and food services1.321.7
Retail trade1.27.6
Arts and recreation services1.213.8
Information media and telecommunications0.79.4
Professional, scientific and technical services0.78.7
Wholesale trade0.62.9
Other services-0.413.1
Electricity, gas, water and waste services-0.76.6
Manufacturing-2.915.7
Mining-3.714.2

The ABS would like to thank the Australian businesses whose data contributed to this release.

Source: © Commonwealth of Australia

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