Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Residential buildings continue to push up CGPI

Residential buildings continue to push up CGPI

The Capital Goods Price Index (CGPI) rose 0.7 percent in the September 2007 quarter mainly due to higher construction prices for new houses, Statistics New Zealand said today. This follows rises of 0.4 percent in the June 2007 quarter and 0.3 percent in March 2007 quarter. In the year to the September 2007 quarter, the CGPI rose 2.3 percent – the lowest annual increase since the December 2003 quarter (up 1.5 percent). This compares with a 4.0 percent increase in the year to the September 2006 quarter.

The residential buildings index rose 1.4 percent in the September 2007 quarter and made the most significant upward contribution to the CGPI. Higher construction prices for new houses was the main reason for this rise, driven by the high cost of construction components, increases in cost of fittings and higher subcontractors' charges. In the year to the September 2007 quarter, the residential buildings index rose 4.8 percent.

Another upward contribution to the CGPI came from the other construction index, which rose 1.3 percent.

The increase was driven by higher costs for the construction of urban drainage and sewerage systems (mainly due to higher costs of concrete pipes) and increased costs of road construction work. In the year to the September 2007 quarter, the other construction index rose 3.7 percent compared with the rise of 5.0 percent in the year to the September 2006 quarter.

The only sub-index of the CGPI that recorded a decrease in the September 2007 quarter was the transport equipment index falling 0.1 percent mainly driven by the exchange rate and competition in the latest quarter.


© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news