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Investment in Buildings Increases

The value of consents issued in June 1999 for non-residential buildings is the highest recorded this year, with construction projects worth $205.3 million. The underlying trend has shown positive movements for six consecutive months following a twelve month decline.

The main contributor to the high total for non-residential buildings is a consent for the redevelopment of Palmerston North Hospital. The total project is reportedly worth $53 million and is scheduled for completion by September 2001. The total value for hospitals in June 1999, is the highest recorded for this building type since June 1987. Also influencing the high value of non-residential buildings is a consent in Wellington to convert the old Dominion Museum building into a university block. This arises from the merger between Massey University and Wellington Polytechnic.

Despite this upward movement, the total value of consents issued for non-residential buildings for the first half of 1999, is the lowest since the same period in 1995.

Residential building authorisations have also remained high this month, with 2,090 new dwellings authorised. The total number of new dwellings authorised in the first six months of the year is significantly higher than totals recorded for the same period in each of the previous three years. Apartments have contributed 243 units to the new dwelling total, with most being in Tauranga and Auckland. The number of consents for apartment units so far this year is 24 per cent higher than for the same period of the previous year.

The total value of residential consents authorised in June 1999 was $344.2 million, including alterations, additions and outbuildings

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