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

 


NZ building consents rise 7.8% in September

NZ building consents rise 7.8% in September, biggest growth since March

By Paul McBeth

Oct. 31 (BusinessDesk) - New Zealand building consents rose 7.8 percent in September, its fourth straight gain and biggest growth since March, as intentions to build in Auckland and Christchurch gather pace.

The number of new dwellings consented rose to a seasonally adjusted 1,540 in September from 1,429 a month earlier, according to Statistics New Zealand. Stripping out apartments, which tend to be volatile, issuance rose 5.6 percent to 1,339, seasonally adjusted.

New dwelling consents were up 22 percent from the same month a year earlier, with Canterbury issuance up 80 percent to 396 and Auckland permits up 50 percent to 458. The value of residential consents rose 45 percent to $577 million in September.

Statistics NZ said some $58 million of consents granted in Canterbury were earthquake-related, $17 million of which was for residential construction. Since the first quake on Sept. 4, 2010, more than 2,900 consents have been issued in Canterbury totalling $636 million.

"The steady gradual improvement in building consent issuance adds to confidence construction activity will pick up over the coming year," ASB economist Christina Leung said in a note. "We expect rebuilding activity will gain further momentum later this year and provide a boost to construction activity, which will likely lead to capacity pressures in the sector."

The figures come after the government this week announced a series of new reports and legislative tinkering to improve the country's housing supply in response to a Productivity Commission report into improving the affordability of New Zealand homes.

Finance Minister Bill English said the government's top priority is to figure out how to direct local authorities in expanding the amount of land available for housing projects targeted at low and middle income earners.

Today's figures showed the value of non-residential building consents slipped 1.8 percent to $314 million from a year earlier, led by declines in offices and administration buildings and storage buildings.

Annual commercial building consents rose 2.2 percent to $3.78 billion, while residential issuance advanced 22 percent to $5.87 billion.


(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news