This year-on-year drop of more than a fifth took quarterly private sector activity about a third below its 2012 peak of $25.3 billion.
Although the absolute value of residential construction work done is somewhat less impressive than the value of the resources mega-projects, residential building has a strong associated multiplier effect which has acted as a timely boost for the larger capital city economies.
Western Australia still has large construction projects approaching completion, and as such the great weight of decline going forward will be felt in WA and in the Northern Territory.
Work commenced higher
A bit shaken and stirred, yes - in fact, bashed, battered and bruised in the case of many resources regions - but still with no recession for Australia on the horizon.
A huge week of news ahead with, among other releases, February data due for Retail Trade, Building Approvals, Overseas Arrivals & Departures, and the Trade Balance, which will reveal another substantial trade deficit in to the $2-3 billion range.
Building Approvals is a tough data series to predict month to month, but we can realistically expect to see a bit of a bounce after the preceding month's seasonal drop.
The Reserve Bank will leave interest rates on hold at 2 per cent on Tuesday, but analysts will be watching closely for comments related to the recent resurgence of the Aussie dollar, and whether this impacts any previously worded easing bias, real or imagined.