The latest CoreLogic Market Movement Report shows lower construction activity in the fourth quarter, but rising activity over the year
CoreLogic captured approximately 2,429 projects moving into construction across the December quarter.
This outcome delivered a result that was -7.8% lower than the number of projects commencing in the previous quarter.
In addition, the value of construction projects commencing was down 7.0% over the quarter, to $13.1 billion.
According to CoreLogic Commercial Research Analyst Eliza Owen, the lower number and value of projects in the December quarter most likely reflects seasonality, with fewer commencements occurring around December.
However, she said that the value of commenced construction was up 40% over the 2017 calendar year.
Even as the number of commencements in 2017 (10,433) remains below the 5-year average (12,439), the average value of projects is generally rising.