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: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news