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Financial News: New Zealand Building Permits Slide 9.6% In October

New Zealand Building Permits Slide 9.6% In October

11/29/2017 - 18:18:00 (RTTNews)

(RTTNews) - The total number of building permits in New Zealand issued in October plunged a seasonally adjusted 9.6 percent on month, Statistics New Zealand said on Thursday - standing at 2,549.

That follows the downwardly revised 2.5 percent contraction in September (originally -2.4 percent).

Individually, permits were issued for 1,806 houses; 445 townhouses, flats, and units; 220 retirement village units; and 78 apartments.

The value of building work consented in October was NZ$1.8 billion, comprising NZ$1.2 billion of residential work and NZ$584 million of non-residential work.

In the year ended October, 30,866 new dwellings were consented - up 2.1 percent from a year earlier.

In the year ended October 2017, non-residential building consents were NZ$6.5 billion - up 6.1 percent from a year earlier.

Non-residential building types with the highest values were: . offices, administration, and public transport buildings - NZ$1.3 billion (up 13 percent from the October 2016 year) . education buildings - NZ$1.0 billion (down 14 percent) . storage buildings - NZ$799 million (up 18 percent) . shops, restaurants, and bars - NZ$771 million (down 3.9 percent). Regions with the highest values of consented non-residential building work in the year were: . Auckland - NZ$2.5 billion (up 15 percent from the October 2016 year) . Canterbury - NZ$1.4 billion (down 14 percent, as Canterbury falls away from post-quake rebuild highs) . Wellington - NZ$549 million (down 1.9 percent) . Waikato - NZ$468 million (up 23 percent, mainly due to rises in factories, storage, offices, and hospitals).

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