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Financial News: New Zealand Q2 Volume Of All Buildings Slides

New Zealand Q2 Volume Of All Buildings Slides 1.5%

09/04/2019 - 19:19:00 (RTTNews)

(RTTNews) - The total volume of building activity in New Zealand fell a seasonally adjusted 1.5 percent on quarter in the second quarter of 2019, Statistics New Zealand said on Thursday.

That missed expectations for an increase of 1.3 percent and was down sharply from the downwardly revised 5.7 percent jump in the three months prior (originally 6.2 percent).

Non-residential building activity volume fell 3.4 percent on quarter, after accounting for typical seasonal patterns and higher construction costs. This followed an 8.2 percent rise in the March quarter, which was the largest growth in five years.

Residential building volume fell a seasonally adjusted 0.2 percent, following a 4.0 percent rise in the March quarter.

"Although the value of building work put in place continued to grow this quarter, the volume of activity failed to keep up with previous seasonal increases, especially after a very strong March quarter," construction statistics manager Melissa McKenzie said.

In unadjusted value terms, the actual value of total building work was NZ$6.2 billion in the June 2019 quarter - up 12 percent on year.

By region, the actual value of total building work in Q2 on an annual basis was: NZ$2.7 billion in Auckland - up 20 percent; NZ$559 million in Waikato - up 12 percent; NZ$521 million in Wellington - up 8.3 percent; NZ$956 million in rest of North Island - up 4.5 percent; NZ$891 million in Canterbury - up 2.7 percent; and NZ$608 million in rest of South Island - up 6.9 percent.

The non-residential building types with the largest annual growth in Q2 were: shops, restaurants, and bars - up NZ$89 million (34 percent) nationally; storage buildings - up NZ$65 million (33 percent) nationally; and social, cultural, and religious buildings - up NZ$52 million (33 percent) nationally.

In the year ended June 2019, the national value of building work was NZ$24.3 billion, up NZ$2.3 billion (10 percent) from the previous year.

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