Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NZ building work climbs in June quarter

NZ building work climbs in June quarter, swelled by non-residential activity

By Paul McBeth

Sept. 3 (BusinessDesk) - New Zealand construction activity expanded for a second quarter, swelled by non-residential work as the focus of the Canterbury rebuild shifts to commercial buildings.

The volume of building work put in place across all buildings rose a seasonally adjusted 1.6 percent in the three months ended June 30, from a 1.8 percent pace of expansion in the March quarter, according to Statistics New Zealand. Of that, non-residential work grew 5.2 percent, accounting for about 44 percent of activity in the period, while residential work shrank 1 percent.

On a value basis, all building work rose 2.2 percent in the quarter, with a 5.9 percent gain in non-residential work and a 0.1 percent increase in residential activity.

"The value of both residential and non-residential building work increased overall," business indicators manager Neil Kelly said in a statement. "In Auckland, residential work grew, while in Canterbury most of the growth was in non-residential work."

Building activity is forecast to remain robust over the next six years, with $209.4 billion of work projected over that period, peaking in 2016 at $36.5 billion of work. The bulk of that is associated with house building in Auckland, where builders are under pressure to erect properties to meet unsatisfied demand in the country's biggest city.

The August ANZ Business Outlook published this week showed a net 12 percent of respondents in the construction sector see increased investment in residential building over the coming year, while a net 9.4 percent see a contraction in commercial activity.

Today's data show Auckland residential work rose a seasonally adjusted 4.8 percent in the three months through June, its eighth quarterly expansion, while house building shrank 4.3 percent in Canterbury. In non-residential work, Auckland activity shrank 3.3 percent, its third quarterly contraction, while Canterbury work grew 18 percent, the biggest expansion since September 2013.

On an unadjusted basis, the value of all building work rose 7.9 percent in the June quarter to $4.06 billion from the same period a year earlier, for an annual increase of 15 percent to $15.96 billion.

Residential building work rose 7.3 percent to $2.5 billion in the quarter from June 2014, with new dwellings were up 9.3 percent to $2.03 billion, while non-residential work expanded 8.8 percent to $1.56 billion.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>

ALSO:

Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>

ALSO:

Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>

ALSO:

Electricity: New Zealand Remains In Top 10 For Energy Balance

The World Energy Council’s Energy Trilemma Index has become part of the energy dialogue both globally and in New Zealand. The Index illustrates the need for countries to balance energy security, energy equity and environmental sustainability. New Zealand ... More>>

ALSO:


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>

ALSO:

Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>

ALSO: