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Financial News: New Zealand Building Permits Soar 13.2% In May

New Zealand Building Permits Soar 13.2% In May

07/01/2019 - 19:47:00 (RTTNews)

(RTTNews) - The total number of building permits issued in New Zealand in May surged a seasonally adjusted 13.2 percent on month in May, Statistics New Zealand said on Tuesday - standing at 3,687.

That follows the 8.0 percent contraction in April.

In the year ended May 2019, the actual number of new dwellings consented was 34,672, up 6.3 percent from the May 2018 year.

The annual value of non-residential building work consented was NZ$7.5 billion, up 9.5 percent from the May 2018 year.

Individually, permits were issued for 1,984 stand-alone houses; 919 townhouses, flats, and units; 529 apartments; and 255 retirement village units.

For stand-alone houses only, the seasonally adjusted number fell 2.8 percent.

By region, the numbers of new dwellings consented in the year ended May 2019 were: 13,881 in Auckland - up 13 percent; 4,005 in Waikato - up 17 percent; 2,756 in Wellington - up 3.6 percent; 5,484 in rest of North Island - down 6.5 percent; 4,954 in Canterbury - up 0.9 percent; and 3,585 in rest of South Island - up 2.9 percent.

In the year ended May 2019, non-residential building consents was NZ$7.5 billion, up 9.5 percent on year.

In the May 2019 year, the non-residential building types with the highest values were: shops, restaurants, and bars - NZ$1.1 billion (up 18 percent); storage buildings - NZ$1.1 billion (up 30 percent); and education buildings - NZ$1.0 billion (down 12 percent).

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