March 2021 – OVERVIEW
Australian PCI® hits a record high in March 2021
The Australian Industry Group and HIA Australian Performance of Construction Index (Australian PCI®) rose by 4.4 points to 61.8 points in March 2021 (seasonally adjusted). This was the strongest monthly result in the history of this data series (commencing in 2005). Results above 50 points indicate expansion in the month, with higher results indicating a stronger pace of expansion.
All four components of activity in the Australian PCI® expanded strongly in March 2021 (results well above 50 points, seasonally adjusted), even though the activity index moderated by 3.7 points to 57.7 points. The indexes for new orders, employment and supplier deliveries all hit record highs, as house builders nationwide scrambled to commence residential projects as soon as possible in order to meet the final HomeBuilder deadline. Capacity utilisation surged up to 81.3% in March, towards its recent high in December. Residential builders continued to report high levels of customer inquiries, orders and requests to 'commence as soon as possible' through March. Conditions were positive but slower in apartment building, commercial building and engineering construction.
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