NZ residential building consents see modest gain in March

NZ residential building consents eke out modest gain in March

By Jason Krupp

May 4 (BusinessDesk) - New Zealand's residential building activity eked out a modest improvement in March, having fallen to a two-year low in the previous month after the Christchurch earthquake.

The number of new dwellings authorised, excluding apartments, rose 2.4% to a seasonally adjusted 948 in the month, according to Statistics New Zealand, and follows a 7.8% decline in February. Once the volatile apartment category is factored in, the total number of residential consents rose 2.2% to 1,027.

In March, fewer new dwellings were authorized in 12 of New Zealand's 16 regions compared with the same month last year. North Island numbers fell by 175, or 18%, and the South Island fell by 239, or 44%.

Canterbury recorded the biggest decline in March, with the region only just starting to pick itself up following the Feb. 22 earthquake, which caused $15 billion in damage, $9 billion of which is estimated to be on residential property.

On an annual basis, the total number of residential building consents fell 5% in the year ending March compared to the previous period, with the number of apartment declining 15.4%, and residential dwellings slipping 4.1%. That brings total value of residential building consents for the March year, including alterations and outbuilding plans, to $420 million, 20% lower than the previous year.

The value of non-residential building contents was $344 million in March, down 0.2% compared with the same month last year, with six of the 11 building types showing decreases. The value of educational buildings recoded the biggest gain, up $28 million, while storage buildings showed the biggest decline, down $26 million.

On an annual basis, the value of non-residential building consents was $3.7 billion for the year ending in March, down 14% compared to the previous period.

(BusinessDesk)

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