Andrew Callagher

fell 3.5% compared to December 2025.

Now, if I looked at a Bloomberg survey of economist expectations, they were expecting a 1.5% increase, and it fell 3.5%.

So big difference between what was expected and what we got.

Residential work fell 2.2%.

Non-residential work fell 1%.

4%.

On a value basis, you've got $7.2 billion worth of work in the quarter.

That's a fall of 9.5% from 12 months ago.

And if you look at the longer-term numbers, they're even sort of more sobering.

Residential construction, $17.6 billion in the 12 months to March 26.

That's the lowest March year since 2016, and 25% below the peak, which was back in 2023.

So you've clearly got a sector here

One would expect it's got capacity that's either probably going to have to shrink because it's a lot lower than it was.

Economists out there, Heather, they're trying to firm up their first quarter growth forecast at the moment.

We did a release of our first quarter GDP number on the 18th of June, so that's the week after next.

I think these numbers could be a little bit of a drag on those estimates.

You'd have to get one of your friendly economists in to talk to them, but I suspect they'll have to put their expectation down a little bit on the back of these numbers.

I love this data series, Heather.

It's one of my favourite data series.

And, of course, you know, I'm one of those odd people that likes data series.