Record Year for Value of Building Work

Record Year for Value of Building Work

The value of building work put in place for 2004 was the highest annual total on record, Statistics New Zealand said today. The total value of all building work (based on June 1991 quarter prices) was $7,612 million in 2004, up 9 percent from 2003. Residential and non-residential annual values of building work were also record highs in 2004. The residential value of building work was up 6 percent, and non-residential value of building work was up 12 percent, from 2003.

The value of residential building work put in place increased 7 percent between the December 2003 and December 2004 quarters. However, the seasonally adjusted value of residential building work put in place decreased 4 percent from the September 2004 quarter to the December 2004 quarter.

The trend reached a turning point in the September 2004 quarter, falling in both the September and December 2004 quarters. The December 2004 quarter value of non-residential building work put in place increased 22 percent compared with the December 2003 quarter. Commercial buildings was the largest contributor, with 33 percent of the total non-residential value, followed by miscellaneous buildings and education buildings with contributions of 28 percent and 13 percent, respectively.

The December 2004 quarter value of all building work put in place rose 12 percent compared with the December 2003 quarter. On a seasonally adjusted basis, the value decreased 3 percent from the September 2004 quarter to the December 2004 quarter.

After adjusting for price changes, the value of all building work put in place increased 4 percent between the December 2003 and December 2004 quarters.

Brian Pink

Government Statistician

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