The seasonally adjusted Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI®) registered 43.9 points in February 2015 (readings below 50 points indicate contraction). This was a decrease of 2.0 points from January, indicating a slightly steeper rate of decline for the construction industry and a fourth consecutive month of contraction, in response to a further weakening in new orders.

KEY FINDINGS Falls in activity, employment and deliveries from suppliers continued in February, albeit at broadly unchanged rates. New orders contracted at a steeper rate. Weighing heavily on industry conditions in February were sharper falls in mining-related engineering construction and commercial building, reflecting significant contractions in new orders across both…