Tough times weighing on construction sector

The high cost of building and sharp rises in the cost of financing are taking a toll. (Image: Getty)

Thu, 06 Jun 2024

Tougher financial conditions are weighing heavily on the construction sector.That includes the high cost of building and sharp rises in the cost of financing, Westpac Bank senior economist Satish Ranchhod said.“The downturn in economic growth and mounting nervousness about the outlook means that buyers are hesitant to make purchases and developers are reluctant to bring new projects to market.”The seasonally adjusted volume of building work was $8.3 billion in the March 2024 quarter, down 4% compared with the December 2023 quarter,...

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