Start of the housing construction boom

The housing construction industry has begun to boom once again, according to Westpac’s latest economy report.

The report said public investment had proved to be one of the key drivers behind the boom.

“For the year ahead, a strong housing construction upswing and a burst of public investment will be key growth engines,” the report said.

Construction work data revealed that new dwelling construction increased by 2.2 per cent and renovation work was up 4 per cent over the last quarter.

The report said the housing construction sector had officially turned a corner after contracting over the last three consecutive quarters.