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Building Activity Down 4 Percent In March 2024 Quarter
The seasonally adjusted volume of building work was $8.3 billion in the March 2024 quarter, down 4.0 percent compared with the December 2023 quarter, according to figures released by Stats NZ today.
The seasonally adjusted volume of residential building work fell 4.8 percent to $5.2 billion and non-residential building work fell 2.8 percent to $3.0 billion over the same period.
“The total volume of building work in the March 2024 quarter was the lowest quarterly volume in the past two years,” construction and property statistics manager Michael Heslop said.
Seasonally adjusted volume estimates remove the effects of price changes and typical seasonal patterns.
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- Building activity down 4 percent in March 2024 quarter
- Value of building work put in place: March 2024 quarter
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