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

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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