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

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news