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

 

May Building Consents Third Highest In Three Years

The increasing number of consents issued for new homes - May's figure was the third highest in the past three years - shows the extremely high level of consumer confidence in the economy, says Registered Master Builders' Federation chief executive Trevor Allsebrook.

"We are currently seeing monthly figures not seen since 1997, when the economy was extremely strong but subsequently slipped a little," he says, "We've now had a year of interest rates of around 6 percent, and those sustained low rates are really encouraging people to make the investment in new homes - usually the biggest investment in a person's life.

"People don't lay out that sort of money unless they are confident of the general well-being of the country, and they obviously are."

May figures from Statistics New Zealand show that 2,377 consents were issued for new dwellings. Apartments were a major contributor - 373 of them. The May figure compares with 1,637 in May 1998 and, apart from the 2,400 consents issued in March, is the highest monthly total since September 1997, and the third highest in the past three years.

Mr Allsebrook says the May figures also go against the tendency for consent numbers to drop as winter approaches.

"People often hunker down over winter, waiting until the warmer months before getting into new home building. The latest figures, therefore, show just how vibrant the economy - and public confidence in it - is these days."

ENDS....

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>