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

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news