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

 


NZ building consents rise 0.1% in July, led by Auckland

NZ building consents rise 0.1% in July, as Canterbury consents slow and Auckland picks up

By Tina Morrison

Aug. 29 (BusinessDesk) - New Zealand building consents rose at a modest 0.1 percent pace in July, slower than the 3.5 percent pace in June, reflecting a drop in the number of consents issued in Canterbury and a pick up in Auckland.

The number of consents increased to a seasonally adjusted 2,105 in July, from 2,103 in June, Statistics New Zealand said. Excluding apartments, which can be volatile, seasonally adjusted July consents fell 2 percent, following a 3.1 percent gain in June, the agency said.

Auckland, the nation's largest city where a shortage of housing is pushing up prices, recorded the biggest jump in the month with a 54 percent surge to 849, which is 53 percent ahead of July last year. Meantime, the pace of issuance slowed in Canterbury, where the city is being rebuilt following a series of earthquakes, with consents slipping 2.2 percent to 609 from a high of 623 in June. Still, Canterbury consents were 20 percent ahead of July last year.

"Dwelling consent issuance held up at high levels in July, led by continued strong house-building demand in Auckland and Canterbury," Christina Leung, an economist at ASB Bank, said in a note. "Beyond the monthly volatility, dwelling consent issuance in these two regions remains on a clear upward trend. We continue to expect strong house-building demand in Auckland and Canterbury will drive construction growth over the next couple of years."

In Wellington, consents were almost unchanged from June at 119 from 118, and compared with 169 in July last year.

Excluding seasonal adjustments, the total number of residential consents for new dwellings in July rose 17 percent to 2,282 from the previous month and were 21 percent higher than July last year.

The value of all building consents issued in the month was a record $1.39 billion, including a record $876 million of residential consents and the second-highest ever value of non-residential work at $512 million, the statistics agency said.

"The continued increase in non-residential building consents in July is another positive development," said the ASB's Leung. "The increase in July was led by stronger demand for new office buildings and retail outlets. With businesses showing increasing optimism towards investment, we expect this will flow through to a continued improvement in commercial building demand over the coming year."

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news