The Australian Industry Group – Housing Industry Association’s Performance of Construction Index (PCI) has recorded its best result in almost three years. The PCI is based on a survey of approximately 150 building companies throughout Australia. The index rose 9.4 points to 45.6 points in Februrary, which is the highest result since June 2010.
The February improvement was lead by an increase in residential building across both houses and apartments, the first expansion in this sector since May 2010. Engineering construction also jumped 14.5 points to 53.2, driven by the mining construction boom.
Senior economist, Shane Garrett, of the Housing Industry Association says the improvement in the overall index is encouraging.
“The strong rebound in house building activity captured in the figures adds evidence to the prospect of a modest recovery in this area, which we welcome.”
The improvement in the PCI is likely to see a growth in residential construction jobs. Anyone looking for work within the construction industry should do a White Card online course.