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."


© Scoop Media

Business Headlines | Sci-Tech Headlines


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news