Construction turnover recovers 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).
The ABS would like to thank the Australian businesses whose data contributed to this release.
Media notes
- All figures in this media release are in seasonally adjusted terms.
- The Monthly Business Turnover Indicator is derived using Australian Taxation Office (ATO) Business Activity Statement (BAS) data from monthly remitters.
- Monthly BAS reporting covers businesses with GST annual turnover of $20 million or more and a proportion of smaller businesses that report on a voluntary basis.
- The indicator includes 13 of the 19 industry divisions classified according to the Australian and New Zealand Standard Industrial Classification (ANZSIC), 2006, and provides timely and frequent insights into economic activity, which complement the longstanding quarterly measures.
- When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
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