wont happen here. gobbo says so

Nope we're not in America, are we Gobbo? ALZ is all whoossh and tooottt. It's got record project in the works. Doesn't matter that there's a credit crunch. Their markets are strong and robust.

Err, oops! Small hiccup:-

Australian PCI™: Construction Industry Weakness Continues

7 September 2007

The performance of Australia's construction industry deteriorated for a second consecutive month in August, with The Australian Industry Group - Housing Industry Association Performance of Construction Index (Australian PCI™) down 0.4 points to 48.4 (below the key 50.0 points level separating expansion from contraction).

Ai Group Chief Economist, Tony Pensabene, said that the results once again highlight the mixed and fragile state of the construction industry.

"While engineering construction is benefiting from an expanding investment pipeline, both the house building and apartment sectors remain in decline. This is consistent with the recent weakness in approvals data, and clearly demonstrates that the residential sector is struggling to overcome the impact of higher interest rates and record low housing affordability,"Mr Pensabene said.

HIA Executive Director, Housing and Economics, Mr Simon Tennent, said that weaker results for the Australian PCI™ over the early months of the 2007/08 financial year highlighted the risk of a fourth consecutive year of decline in new home building.

"The down cycle in the residential sector is lasting far longer than is normally the case because the housing affordability hurdle is simply too high for many to overcome. This situation is creating greater pressure on already very tight rental markets around Australia," Mr Tennent said.

Australian PCI™ Key Findings for August:

*
The Australian PCI™ fell 0.4 points to 48.4 (below the 50.0 points level separating expansion from contraction), influenced by a further contraction in house and apartment building, and weaker commercial construction activity.
*
Firms mainly attributed the subdued market conditions to a low level of customer inquiries and fewer invitations to tender.
*
Residential builders continued to report the negative influences of weakness in new home starts, low housing affordability and land supply shortages.
*
The activity sub-index declined in August, as a consequence of weakness in new orders during the previous month, with this leading to a further fall in employment and a cut back in deliveries.
*
While new orders increased in August, this improvement was due to increased new business in engineering construction, signalling that the mixed and fragile state of the industry as a whole will persist in the coming months.
[emphasis added]

Feel that little gust of wind, Gobster? That first drop of rain? That's how a cyclone starts, mate.

Ehehehehahahahahah!!!! Don't listen to Goblin, folks. Absolutely NFI at all!!