Australian construction fall sharpest in 6 years: PCI

A slump in demand for new houses and apartments in July caused the sharpest contraction in home building in six years, a survey of businesses in the construction industry suggests. “Looking ahead, conditions look more fragile than they have for some time with new orders dropping further into negative territory driven by particular weakness in the pipelines of new work in the housing and apartment sectors,” AiGroup policy head Peter Burn said. Source: The West