Firstly, a smattering of good news for the economy, with the total value of building work done having increased by 6 percent over the past year driven largely by an 11 percent uplift in the value of residential building with more in the pipeline.
Although new residential building work continued to increase, as I have noted here many times previously major renovations work in the only two cities which really matter has been in a decade-long "secular downtrend" and has continued to declined by another 3 percent over the past year.
This generational dearth of "alterations and additions", as it is so termed in ABS vernacular, offset an annoying portion of the gains in new residential building work and shall continue to shave irritating fractions from Australia's GDP.
After all, us high-earning Gen X'ers all live in swanky city apartments near the city centres and the Gen Ys that aren't investors or priced out of the market completely all bought new stock with their first home-buyer grants.
In short, nobody under the age of 40 owns anything worth renovating...masses of equity or not mate!
Meanwhile, while non-residential work has hit a plateau (kindly click on the charts to expand them):
This is good news for the struggling state economy and heartening to see, particularly as Adelaide's manufacturing base is being slowly yet surely flushed around the U-bend of history.
The number of houses commenced in the quarter remains 15 percent higher than in the preceding year. Accordingly, is the commencements chart for houses and units: