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Financial News: New Zealand Q2 Volume Of Construction Contracts 0.5%

New Zealand Q2 Volume Of Construction Contracts 0.5%

09/04/2017 - 19:51:00 (RTTNews)

(RTTNews) - The total volume of building activity performed in New Zealand fell a seasonally adjusted 0.5 percent on quarter in the second quarter of 2017, Statistics New Zealand said on Tuesday.

That missed forecasts for an increase of 1.6 percent following the 3.5 percent contraction in the three months prior.

Residential building activity was down 0.4 percent, the bureau said, while non-residential building activity fell 0.7 percent.

The actual value of all building work was NZ$5.2 billion - NZ$3.4 billion on residential buildings and NZ$1.8 billion on non-residential buildings. The total was up 4.9 percent on the previous June quarter.

The regions with the highest total values were Auckland at NZ$2.0 billion and Canterbury at NZ$1.0 billion.

The value of work on residential buildings rose a seasonally adjusted 1.0 percent in Q2, following a 0.1 percent rise in the first quarter. Residential building prices rose by 1.6 percent in the quarter.

The value of work on non-residential buildings rose a seasonally adjusted 0.6 percent in the second quarter, following a 6.2 percent fall in the first quarter.

Non-residential building prices rose 1.1 percent in the second quarter. The actual value of non-residential building work was NZ$1.8 billion, up 0.2 percent from the three months prior.

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