From The Age: A record low reading in a monthly construction index points to the way the September slump on global finance markets has “boiled over” into the economy of bricks and mortar.
The Australian Performance of Construction Index has registered the most subdued conditions since it began three years ago. Construction activity fell 11.3 points in September to 31.8, well below the 50-point mark that divides expansion from contraction. The index, based on a survey of 120 Australian construction companies, found that apartment and commercial building suffered the biggest drop. New orders for all buildings plummeted and companies cut staff at the highest rate over the three-year history of the survey….. Full Article: Source