Home Mortgage News Cautious optimism in construction industry

Cautious optimism in construction industry

Published on 08 Oct, 2009

A new report on the construction industry showed that fewer residential building projects were being dumped or deferred

A new report on the construction industry showed that fewer residential building projects were being dumped or deferred.

The figures, published by Reed by Reed Construction Data Market Movement revealed 597 projects were deferred in August with NSW recording 244 or 42% of the total while Queensland saw 192 projects frozen during the same period.

This figure was higher than the long-term average but it has fallen from its peak during May-June this year.

The flat and unit sector continues to see large number of deferred projects with 171 projects currently placed on ice. Total value of deferred projects rose to $1.5 b from $1.4b compared to a year ago.

A total of 70 projects were abandoned completely in that same month, compared with 88 dumped in August 2008.

The report was cautious in its predictions for the future, citing several obstacles on the path to recovery. "While [the figures are] suggestive of a return to average deferment levels, a list of factors, including institutional monetary policy and private sector capital investment ... will determine whether this will be the case," it said.

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