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

 


NZ building permits rose at fastest pace in 3 months in June

NZ building consents rose at fastest pace in three months in June

By Tina Morrison

July 30 (BusinessDesk) - New Zealand building consents increased at the fastest pace in three months in June, rising a seasonally adjusted 3.5 percent, as apartment developments rebounded.

The number of consents rose to a seasonally adjusted 2,104 in June from 2,033 in May, according to Statistics New Zealand. Excluding apartments, seasonally adjusted consents rose 2.9 percent. Unadjusted residential consents rose 27 percent to 1,950 in June from the same month a year earlier.

Building consent numbers have been on the rise, driven by the rebuilding of earthquake damaged Christchurch and a shortage of supply in Auckland. Nine of the 16 regions recorded higher building consents in June than May with the largest increases recorded by Canterbury, Waikato and Auckland, the statistics department said.

"Not surprisingly, the rise in consents was driven by the Auckland and Canterbury regions, with both reaching new cycle highs," Michael Gordon, a senior economist at Westpac Banking Corp, said in a note.

The value of non-residential building consents rose 32 percent to $490 million in June from May, the second-highest value on record behind $530 million in April 2009, the statistics department said. The figures aren't inflation adjusted.

"June was also a strong month for non-residential building consents, boosted by a $70 million approval for a hospital in Christchurch," said Westpac's Gordon. "Setting aside its month to month volatility, there has been a strong uptrend in non-residential consents over the last three years, which is now starting to translate through to the actual building work figures."

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

f work for Pumpkin Patch staff

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news