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Financial News: New Zealand Building Volume Rises 0.8% In Q2

New Zealand Building Volume Rises 0.8% In Q2

09/04/2018 - 19:15:00 (RTTNews)

(RTTNews) - The total volume of all building in New Zealand was up a seasonally adjusted 0.8 percent on quarter in the second quarter of 2018, Statistics New Zealand said on Wednesday.

That was shy of expectations for an increase of 2.9 percent following the upwardly revised 0.8 percent contraction in the previous three months (originally -0.9 percent).

"Both residential and non-residential building activity increased in the latest quarter, recovering from small falls in the March 2018 quarter," construction statistics manager Melissa McKenzie said. "Quarterly construction activity has been hovering around the same high level for the last two years, with the total volume being higher than at the previous peak in the June 2005 quarter."

Residential construction rose 0.5 percent on quarter following the 0.5 percent fall in Q1. Non-residential construction was up 1.2 percent after sliding 1.4 percent in the March quarter.

The total value of all building work was NZ$5.6 billion, up 8.1 percent on year.

Residential building was worth NZ$3.6 billion (up 7.6 percent), while non-residential building was at NZ$2.0 billion (up 9.0 percent).

Value growth in Auckland (and other regions) has been partly offset by decreases in Canterbury as the post-earthquake rebuild work winds down.

The greatest residential value increase was NZ$167 million for Auckland, while Canterbury decreased NZ$46 million.

The non-residential building types with the most work put in place (by value) were: office, administration, and public transport buildings - NZ$375 million; education buildings - NZ$322 million; and factories and industrial buildings - NZ$209 million.

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