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NZ July building consents rise to highest level in 5 years

NZ July building consents rise to highest level in 5 years

By Hannah Lynch

Aug. 30 (BusinessDesk) - New Zealand's July home building consents rose to the highest level for that month in five years, led by an increase in apartments climbing to their highest level since May 2009.

The number of new dwellings authorised, including apartments, rose a seasonally adjusted 26 percent to 1,478, according to Statistics New Zealand. Excluding apartments, consents rose 20 percent to 1,243.

The increase in apartments was led by Auckland and Christchurch, which had the highest number of consents in July since 2007. The value of earthquake-related consents totaled $59 million, the highest monthly increase since the Canterbury quakes began in September 2010.

The value of non-residential building consents was largely unchanged on $346 million, compared to July 2011. Six of the 11 building types increased in value, led by factories and industrial buildings up 209 percent to $57 million and shops, restaurants and taverns climbing 59 percent to $24 million.

Hospitals and nursing homes bucked the trend falling 80 percent to $97 million. Last July, $105 million consent was given to Middlemore Hospital in Auckland.

The value of residential building contents rose 25 percent to $520 million in July from a year earlier.

(BusinessDesk)

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