Construction activity slows
AUSTRALIAN construction activity contracted for the ninth consecutive month in February amid tight credit conditions, weaker demand and higher interest rates, a report says. But the pace of contraction slowed last month as better weather allowed fewer disruptions to building projects. The Australian Industry GroupHousing Industry Association’s performance of construction index ( PCI) rose 4.4 index points to 44.6 points in February. Despite the improvement, the measure stayed below the key 50 point level that separates expansion from contraction.