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Building Consents - June 2002
Data Flash (New Zealand)
Building Consents - June 2002
The total number of new dwelling consents issued rose by a stronger-than-expected 6.2% mom in June, following a 6.0% decline in May. The number of dwelling consents issued was 13.6% higher than a year earlier.
While the yoy growth rate in permits has been moderating, the average value of consents has continued to rise at annual rate of around 13%, mainly due to larger homes being built rather than construction cost inflation. This factor has to be taken into account when assessing the contribution of the building sector to GDP growth.
Non-residential building consents with a value of $210m were issued in June. The three-month running total was 2.1% above the level a year earlier.
Ulf Schoefisch, Chief Economist
***The attached research constitutes Deutsche Bank's proprietary information*** This, along with an extensive range of other publications, is available on our web site http://research.gm.db.com
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