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Financial News: New Zealand Q1 Volume Of Building Soars 6.2%

New Zealand Q1 Volume Of Building Soars 6.2%

06/06/2019 - 20:15:00 (RTTNews)

(RTTNews) - The overall volume of building in New Zealand climbed a seasonally adjusted 6.2 percent on quarter in the first three months of 2019, Statistics New Zealand said on Friday.

That beat forecasts for an increase of 1.1 percent and was up sharply from the upwardly revised 3.4 percent gain in the three months prior (originally 2.7 percent).

Non-residential building volume rose a seasonally adjusted 9.0 percent, the bureau said, while residential building volume rose a seasonally adjusted 4.3 percent.

The actual value of total building work was NZ$6.1 billion in the March 2019 quarter - up 16 percent from the March 2018 quarter.

By region, the actual value of total building work in the March 2019 quarter (compared with the March 2018 quarter) was: NZ$2.5 billion in Auckland - up 26 percent; NZ$595 million in Waikato - up 30 percent; NZ$474 million in Wellington - up 1.5 percent; NZ$950 million in rest of North Island - up 13 percent; NZ$931 million in Canterbury - down 1.0 percent; and NZ$618 million in rest of South Island - up 12 percent.

In the year ended March 2019, the national value of residential building work rose NZ$1.1 billion (7.9 percent) when compared with the previous March year - driven by an NZ$861 million (16 percent) increase in Auckland.

In the year ended March 2019, the national value of non-residential building work rose NZ$923 million (12 percent) when compared with the previous year - driven by a NZ$672 million (25 percent) increase in Auckland.

The non-residential building types with most growth in the year ended March 2019 (compared with the March 2018 year) were: shops, restaurants, and bars (shops) - up NZ$337 million (41 percent) nationally; hotels, motels, boarding houses, and prisons (accommodation) - up NZ$248 million (40 percent) nationally; and storage buildings - up NZ$199 million (26 percent) nationally.

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