"Preliminary ABS figures released today indicate that residential construction activity continued to improve in the final quarter of 2012, said the Housing Industry Association, the voice of Australia’s residential building industry. “Taken with other data published recently, these figures indicate that a tentative recovery may be underway in the residential construction market,” said HIA Senior Economist Shane Garrett. According to Shane Garrett, “it is encouraging that the actual volume of residential building work has increased for the second successive quarter following more than a year of declines. The fact that the pace of increase picked up supports the view that some momentum may be gathering in the sector. It is also welcome that growth is strongest in the most populous states.” “Total residential building volumes in the final quarter of 2012 were up by 1.7 per cent on the previous quarter. This was driven by rather brisk growth of 2.2 per cent in new house volumes, the cornerstone of the sector,” said Shane Garrett..."
