Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 


Construction pick-up signals stronger growth for Auckland


Media release
22 January 2013

Construction pick-up signals stronger growth for Auckland

Signs of increasing activity in Auckland’s construction sector late last year signal more sustained economic growth ahead for the region.

Residential construction activity had been flat at a low level region-wide since the latter part of 2008, said Geoff Cooper, Auckland Council’s chief economist. The number of residential consents rose 5 per cent in the three months ended September 30 from the previous quarter, and 27 per cent from the year-earlier period, according to Statistics New Zealand data included in council’s second Auckland Economic Quarterly, released today. Economic activity in the construction sector rose 3.6 per cent in the same period.

“After a long period of sluggish activity, the construction sector is showing signs of awakening and that’s likely to lead to stronger growth for Auckland’s economy as we progress through 2013,” said Mr Cooper. “Residential consents are an important lead indicator of economic activity. So the improvement bodes well not just for construction activity, but for the industries which support construction such as manufacturing, engineering and financial services.

“For every dollar of activity in the construction sector, $1.60 is generated for other parts of the economy – so it is an important sector for the economy.”

Volumes of building and resource consents lodged with Auckland Council are increasing. Council received a 5 per cent greater number of resource consent applications in the September quarter, compared with the year-earlier period. Applications for all building consents were 8 per cent higher over the same time.

Signs of greater construction activity come amidst firm Auckland house prices, steady population growth, limited supply of new construction over recent years, and moderate economic growth.

While all signs point to a soft September quarter for the wider Auckland economy, business confidence indicators are up and suggest more sustained economic activity is around the corner. This should eventually filter through to the labour market, where unemployment remains stubbornly high at 8.6 per cent.

Confidence indicators remain in positive territory. Westpac’s regional consumer confidence survey remains in positive territory while NZIER’s Quarterly Survey of Business Opinion shows business confidence is up.

To read Auckland Council’s second Auckland Economic Quarterly, and to subscribe to future editions, click here:
www.aucklandcouncil.govt.nz/eds

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Spy Update: Appointment Of GCSB Acting Director

GCSB Chief Legal Advisor Lisa Fong will become the Acting Director of the Government Communications Security Bureau (GCSB) from 15 February 2016, Minister Responsible for the GCSB Christopher Finlayson announced today. More>>

Protests Close Roads: TPP Signed In Auckland

“TPP was signed by Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Viet Nam.” More>>

ALSO:

Emails Behind 'Diplomatic Immunity' Case: Whitehead Report Released

“As previously indicated the conclusions reached by Mr Whitehead’s investigation are not unexpected but they are very disappointing,” Mr Mccully says. “At the heart of the matter is a single email, along with procedural shortcomings, which gave Malaysian officials the impression it would be acceptable for Mr Rizalman to return to Malaysia." More>>

ALSO:

Gordon Campbell: On The Treaty/TPP Overlap, And Iowa

The fears about the ISDS provisions in the Trans Pacific Partnership deal are well-founded. The reality is that there is a sharp uptick in the occurrence of ISDS litigation in developed countries, and even the right wing likes of The Economist have been souring on the process for some time. More>>

ALSO:

Christchurch Red Zone Offers: Fresh High Court Proceedings

Grant Cameron, Solicitor for the Quake Outcasts said “the action seeks judicial review of the Crown’s recent decision to make a fresh offer to purchase properties from uninsured property owners in red zones. More>>

ALSO:

PM's Post-Cabinet Press Conference: Waitangi And TPP

Prime Minister John Key on Tuesday said his office has received an invitation for him to visit the Lower Marae on Waitangi Day, but was waiting for a meeting of the Te Tii Marae Trustees. More>>

ALSO:

Flagged: 'Wrong Colour' Bridge Flag To Change

NZ First: Only 13 days after National trumpeted its legally questionable flag on Auckland Harbour Bridge, it is now coming down because it is the wrong colour... “Mr Key’s latest flag fiasco is another waste of taxpayers' money. Given it is coming down, down is exactly the location where it should remain. More>>

ALSO:

School's In: Children Head Back To School

“Across the whole of this year we expect 61,820 five year olds will begin their primary schooling for the first time,” says the Ministry of Education head of sector enablement and support Katrina Casey. More>>

ALSO:

Dog & Lemon: FBI Disagrees With NZ Government Over Police Chases

Multiple studies, quoted by the FBI, show that once suspects realise they're no longer being chased; they tend to slow down to normal driving speeds and therefore become far less of a risk. The FBI report also categorically rejected the argument that abandoning police chases meant ‘giving in’ to offenders. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news