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Financial News: New Zealand Building Permits Slide 7.6% In June

New Zealand Building Permits Slide 7.6% In June

07/30/2018 - 19:15:00 (RTTNews)

(RTTNews) - The total number of building permits in New Zealand issued in June dropped a seasonally adjusted 7.6 percent on month in June, Statistics New Zealand said on Tuesday.

That follows the downwardly revised 6.9 percent jump in May (originally 7.1 percent).

In the year ended June 2018, the actual number of new dwellings consented was 32,860, up 7.9 percent.

"The number of new homes consented fell in June, when adjusted for seasonal factors. This was down from a particularly high number in May, that was driven by Auckland," construction indicators manager Melissa McKenzie said.

In June, 2,792 new dwellings were consented for 1,730 stand-alone houses, 595 townhouses, flats, and units, 323 apartments, including 229 in Wellington city and 144 retirement village units.

The number of stand-alone houses fell a seasonally adjusted 3.1 percent, following a 6.4 percent rise in May.

In Auckland, 1,001 new dwellings were consented in June, following a 15-year high of 1,530 in May.

In the year ended June, 32,860 new dwellings were consented nationally, up 7.9 percent from the June 2017 year.

The number of new homes consented across New Zealand in the June 2018 year were: . 12,369 in Auckland - up 19 percent; . 3,482 in Waikato - down 1.8 percent; . 2,781 in Wellington - up 29 percent; . 5,761 in Rest of North Island - down 2.8 percent; . 4,962 in Canterbury - down 4.2 percent; . 3,504 in Rest of South Island - up 7.1 percent.

The annual value of non-residential building work consented was NZ$6.9 billion, up 10 percent from the previous year.

In the year ended June, the non-residential building types with the highest values were education buildings at NZ$1.2 billion, offices, administration, and public transport buildings at NZ$1.1 billion and shops, restaurants, and bars at NZ$1.0 billion.

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