Australian construction sector growth cooled in October with the AIG-HIA Performance of Construction Index falling to 5.7pts to 53.4. While the largest monthly points decline since March last year, the series continues to trend higher and remains well above the 50 level that separates expansion from contraction.
Across the sub-sector it was a soft performance, at least compared to last months performance, with home building sliding to 4.4pts to 57.3, commercial construction 6.6pts to 51.8 while engineering work continued to contract, falling 1.9pts to 46.4. Unit construction continued to hum with the sub-index largely static at 60.4. Looking ahead, new orders fell 4.7pts to 52.5, a figure that whilst still expanding hints at slower growth ahead.