Westpac IQ
Countervailing forces to drive the Construction Outlook
February 25 2026 • 5 mins
Total construction activity declined 0.1% in Q4 2025 to be 3.0%yr higher in year-ended terms. Public infrastructure declined sharply, down almost 4.0%qtr and 8.0%yr. This was offset by a further expansion in residential and other non-residential building activity. The surprise points to small downside risks to our Q4 GDP nowcast.
By
Pat Bustamante
Senior Economist
- Luci Ellis Luci Ellis
- Martin Whetton Martin Whetton
- Robert Rennie Robert Rennie
- Elliot Clarke Elliot Clarke
- Matthew Hassan Matthew Hassan
- Justin Smirk Justin Smirk
- Mantas Vanagas Mantas Vanagas
- Kelly Eckhold Kelly Eckhold
- Damien McColough Damien McColough
- Jameson Coombs Jameson Coombs
- See all authors See all authors
20
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