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

 


NZ building work activity edges up in June quarter

NZ building work activity edges up in June quarter, house-building flat

By Paul McBeth

Sept. 3 (BusinessDesk) - New Zealand building work edged up in the second quarter as increased activity in non-residential construction offset flat activity in housing.

The volume of building work put in place rose a seasonally adjusted 1 percent in the three months ended June 30, slowing from a 15 percent pace in the March quarter, according to Statistics New Zealand. That was led by a 2.5 percent lift in non-residential construction activity, while residential activity was unchanged having climbed 14 percent in the March quarter.

The value of work rose 1.8 percent across all buildings to $3.8 billion in the quarter, with a 3.1 percent increase in non-residential work to $1.44 billion and a 1 percent gain in residential values to $2.33 billion.

"The trend for residential building work has been rising for 11 quarters, and is now 68 percent higher than the most recent low point in the September 2011 quarter," Statistics NZ said in its report. "However, it is still 7 percent lower than the series maximum in the June 2004 quarter."

Construction has been seen as a major driver for New Zealand's economy as the Canterbury rebuild hits its peak momentum, while a shortage of housing in Auckland stokes building activity in the country's biggest city. That's underpinned strong issuance of buildings consents through the June quarter, a pace which was maintained in July, according to government figures.

Today's figures show Canterbury building activity was worth $970 million in the June quarter, up 5.6 percent in the quarter and adding to the 24 percent jump in the March period.

On an unadjusted basis, new residential dwelling work rose 34 percent to $1.86 billion in the quarter from the same period a year earlier, and non-residential work was up 12 percent to $1.43 billion. All building work was up 23 percent to $3.76 billion.

On an annual basis, new dwelling work was up 29 percent to $6.87 billion, and non-residential rose 3.2 percent to $5.19 billion, for an 18 percent lift across all buildings to $13.85 billion.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news