So, there you have it: construction in Australia has a multiplier effect of close to 3. That is, for every $1m invested, an additional $3m is generated in the economy as a whole.
Now let's put this in its wider context.
Below is what has happened in Aussie construction over the long run. Note the gargantuan boom in engineering construction driven by the resources building boom.
The implication of the mining and resources construction boom detailed above above is that the Aussie economy has gotten itself quite dramatically out of balance.
In the March 2014 quarter the total value of engineering construction seasonally adjusted at around $31,850m was way, way bigger than the total value of building at closer to $21,750m.
This means that some states are going to face very significant challenges when the mining construction drops away.
The quarterly engineering construction figures by state clarify which which states - Queensland and Western Australia in particular - are going to face an uphill struggle in the coming years.
Those two states have benefited greatly from the boom, so they face more of a challenge from the forthcoming downturn (click chart):
This is especially so because when you look at the uplift in building work done in this cycle only New South Wales to date has shown any real sign of thriving.
These figures are not seasonally adjusted so the next seasonal uplift will be key, but it's clear that Western Australia has hit a plateau, Victoria's house building boom was last decade's news and something is not working as it should be in Queensland in terms of building work.
South Australia and the minnow states are floundering, and in any case they aren't going to add much value in chain volume measures terms (click chart):
This something to be wary of when commentators start talking up the Brisbane property market with the usual hyperbole this year, stating that it is "due for a boom".
Look, maybe, yes, and the general consensus is that Brisbane offers relatively good bang for the buck and the outlook for the property markets over the the next few years appears bright.
But equally it always pays to be careful of the shallow property market commentary which takes little (or more typically zero) account of what is actually happening in relation to these huge structural shifts in the Aussie economy.
Yes, there is an argument for dwelling prices to rise strongly in response to low interest rates, but as a general rule people don't buy property when they don't have jobs, and there is a major rebalancing challenge lying right ahead in the Aussie economy, especially in the mining states.
You'd need rocks in your head to call a sustainable property boom while taking no account whatsoever of what the wider economy and labour markets are up to.
It's one to watch carefully.
Rates to fall lower still
To me another rate cut is looking more and more likely by the week. Pencil in a likely interest rate cut before Xmas, for my money.