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Financial News: New Zealand Building Approvals Drop 3.9% In June

New Zealand Building Approvals Drop 3.9% In June

07/29/2019 - 19:16:00 (RTTNews)

(RTTNews) - The total number of building consents issued in New Zealand was down a seasonally adjusted 3.9 percent on month in June, Statistics New Zealand said on Tuesday - standing at 2,881.

That follows the upwardly revised 14.0 percent jump in May (originally 13.2 percent).

For stand-alone houses only, the seasonally adjusted number rose 2.2 percent.

In June, permits were issued for 1,653 stand-alone houses; 630 townhouses, flats, and units; 491 apartments; and 107 retirement village units.

By region, the numbers of new dwellings consented in the year ended June 2019 were: 14,032 in Auckland - up 13 percent (the highest on record); 4,003 in Waikato - up 15 percent; 2,655 in Wellington - down 4.5 percent; 5,527 in rest of North Island - down 4.1 percent; 4,959 in Canterbury - down 0.1 percent; and 3,578 in rest of South Island - up 2.1 percent.

In the year ended June 2019, the value of non-residential building consents was NZ$7.4 billion, up 7.9 percent from the June 2018 year. This series can be influenced by price changes - non-residential construction prices (as measured by the capital goods price index) were up 4.6 percent in the March 2019 year.

In the June 2019 year, the non-residential building types with the highest values were: shops, restaurants, and bars - NZ$1.1 billion (up 12 percent); education buildings - NZ$1.1 billion (down 6.9 percent); and social, cultural, and religious buildings - NZ$1.0 billion (up 54 percent).

On a yearly basis, new dwelling consents climbed 5.8 percent to 34,761.

The annual value of non-residential building work consented was NZ$7.4 billion, up 7.9 percent on year.

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