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Building Decline Continues

The total value of consents issued for all buildings was $354.8 million. This is the lowest monthly total since April 1994 and is a reflection of the residential and non-residential lows occuring in the same month.

The value of consents issued for non-residential building projects in April was $101 million, the lowest total since February 1994. The underlying trend for the value of non-residential building consents has been declining since October 1999.

All non-residential building types recorded values under $20 million and there were no individual consents worth over $10 million. Offices and administration buildings contributed the most to the total for non-residential buildings, with $18.4 million.

The number of new dwelling units authorised in April 2000 was 1,405, valued at $204.1 million. This is the lowest monthly total since January 1994 and continues a downward trend which began in July last year. There was also a significant drop in the number of apartment units authorised, with only 40 new units approved in April. This is the lowest since January 1997.

A number of factors may be adversely affecting the number of new dwellings authorised; rising interest rates, net outflow of migration in the last two years, an oversupply of houses and a depressed real estate market.

Ian Ewing Deputy Government Statistician END There is a companion Hot Off The Press information release published - Building Consents Issued April 2000.

ends

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