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Financial News: New Zealand Building Permits Soar 11.0% In November

New Zealand Building Permits Soar 11.0% In November

01/11/2018 - 18:45:00 (RTTNews)

(RTTNews) - The total number of building permits issued in New Zealand surged a seasonally adjusted 11.0 percent on month in November, Statistics New Zealand said on Friday - standing at 3,262.

That follows the downwardly revised 10.0 percent contraction in October (originally -9.6 percent).

By category, permits were issued for 1,870 houses, 577 townhouses, flats, and units (the highest number on record), 543 apartments (a nine-year high) and 272 retirement village units.

"November's rebound in home consents was driven by apartments, which tend to fluctuate a lot and were particularly low in October," construction statistics manager Melissa McKenzie said.

By region, there were 1,450 permits were issued for Auckland (the second-highest number on record), 422 for Canterbury and 296 for Waikato.

Including alterations, the value of building work consented in November was N$1.9 billion, comprising N$1.3 billion of residential work and N$549 million of non-residential work.

In the year ended November, 31,123 new dwellings were consented - up 2.4 percent from a year earlier.

In the year ended November, non-residential building consents totaled NZ$6.6 billion - up 11 percent from a year earlier.

The non-residential building types with the highest values were: offices, administration, and public transport buildings - NZ$1.3 billion (up 11 percent on year); education buildings - NZ$1.1 billion (down 6.4 percent); shops, restaurants, and bars - NZ$796 million (up 4.2 percent); and storage buildings - NZ$781 million (up 12 percent).

"November's rebound in home consents was driven by apartments, which tend to fluctuate a lot and were particularly low in October," McKenzie said. "Looking at the longer-term picture, building consents for apartments and townhouses have seen double-digit growth year after year, while consents for stand-alone houses have levelled off."

On a yearly basis, consents were issued for 31,123 new homes of all kinds, including 21,178 stand-alone houses. In the previous 12 months (to November 2016), consents were issued for 30,399 homes, including 21,391 houses.

Consents were issued for 3,137 apartments in the November 2017 year, compared with 2,692 in the November 2016 year.

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