It's hard not to notice the construction boom in Sydney.
I'm sitting at home now (Ultimo) and all I can hear is angle-grinding, drilling and jack-hammers.
Martin Place, where my office is, now has three giant projects now underway.
Even on the walk to work, this is what I can see below...which is just the beginning of a colossal regeneration project at Darling Harbour over the coming few years.
Lend Lease estimates the value of work here to be $2.5 billion.
Meanwhile on the other side of the harbour, an entire new suburb is now under construction at Baranagaroo (residential and commercial), with the regeneration project variously said to be worth many billions, or many more billions, depending on who your source is.
And depending on whether Packer gets final approval for his new hotel and casino complex.
The Darling Harbour work is largely commercial, although, despite the poor quality of my i-Phone photo you can also see a mid-tier residential project also now underway to the left.
There are stacks and stacks of these mid-sized projects now happening in Sydney, practically everywhere you look is a site or two under construction.
In fact, if I rotate myself 180 degrees from exactly the same spot...
Another poor quality photo. although you may be able to make out two more large residential developments going on.
Also behind the UTS tower is the new tower which is part of the $2 billion Central Park redevelopment and Living Mall shopping centre.
Rezoning laws will allow the construction of thousands of new apartments at Mascot, Zetland and Waterloo.
Apartment construction is set to peak in Sydney in 2016.
OK, so Sydney is not Australia.
But if all this doesn't get the construction index firing, I have no idea what will.
None of this was happening 3 years ago. Now it is. Ergo, the index has to turn upwards!