NZ building activity has biggest gain in 10 years
NZ building work put in place has biggest quarterly gain in 10 years
Dec. 5 (BusinessDesk) – The volume of building activity recorded its biggest gain in 10 years in the third quarter, led by construction work in Canterbury and the upper North Island.
Building activity rose 9.6 percent in the third quarter and was valued at $2.9 billion in unadjusted terms, according to Statistics New Zealand. Residential building work made up 56 percent of the total.
"While the earthquake rebuild in Canterbury contributed to this, residential building work in the upper North Island also experienced growth," industry and labour statistics manager Blair Cardno said.
For residential building activity, Canterbury and the upper North Island, dominated by Auckland, were the main drivers of a 7.1 percent gain, following a 7.5 percent gain in the second quarter. The unadjusted value of residential building work jumped 20.1 percent from a year earlier to $1.6 billion in the latest quarter.
Non-residential building activity rose 12.4 percent in the third quarter, following a 4.5 percent decline three months earlier. The value of non-residential work rose 11 percent from a year earlier to $1.3 billion.