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Financial News: New Zealand Building Permits Jump 7.0% In May

New Zealand Building Permits Jump 7.0% In May

06/29/2017 - 19:15:00 (RTTNews)

(RTTNews) - The total number of building permits issued in New Zealand spiked a seasonally adjusted 7.0 percent on month in May, Statistics New Zealand said on Friday - standing at 2,794.

That followed the 7.6 percent contraction in April.

Individually, permits were issued for 2,039 houses; 495 townhouses, flats, and units; 137 retirement village units; and 123 apartments.

"The 2,039 stand-alone houses consented in May was the highest monthly number since June 2004," prices, accommodation, and construction senior manager Jason Attewell said.

"The trend for new homes is recovering after dipping in late 2016. It's more than double the level of the 2011 low point, and nearly back to the mid-2016 peak."

Trends show the underlying pattern by removing volatility and seasonality in monthly statistics, the bureau said.

The new homes trend generally decreased from 2004 to 2009, recovered temporarily in 2010, then generally increased until mid-2016 when it dipped briefly.

The total value of work consented in May was NZ$1.8 billion including NZ$1,229 million of residential work and NZ$605 million of non-residential work.

In the year ended May, 30,645 new dwellings were consented - up 8.0 percent from a year earlier.

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