Australian May Construction Index Falls for 12th Straight Month
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Australia’s building industry shrank for a 12th month in May as higher borrowing costs and consumer caution weighed on construction, a private survey showed.
The construction performance index was 39.6 from 37.9 in April, marking a year since it was last in an expansion, according to a survey by the Australian Industry Group and the Housing Industry Association released in Sydney today. A reading below 50 indicates the industry is contracting.