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Financial News: New Zealand Volume Of Building Work Spikes 2.7%

New Zealand Volume Of Building Work Spikes 2.7%

12/04/2017 - 20:48:00 (RTTNews)

(RTTNews) - The total volume of building activity in New Zealand climbed a seasonally adjusted 2.7 percent on quarter in the third quarter of 2017, Statistics New Zealand said on Tuesday.

That beat forecasts for an increase of 2.0 percent following the 0.2 percent decline in the three months prior.

Residential building activity was up 4.1 percent on quarter, the bureau said, while non-residential building activity added 0.6 percent.

The value of all building work was NZ$5.5 billion - up 6.4 percent on quarter.

The regions with the highest total values were Auckland (NZ$2.1 billion) and Canterbury (NZ$998 million).

In seasonally adjusted terms, the value of all building work rose in five of the six regional areas, but fell in Canterbury - a where building activity was down from a post-earthquake high, but has remained at historically high levels.

The actual value of residential building work was NZ$3.6 billion - up 9.7 percent on year. The value rose 5.2 percent on quarter.

The seasonally adjusted residential value rose 7.3 percent in Auckland and 1.3 percent in Canterbury.

"Residential building activity is at a record high, while non-residential activity peaked in late 2016," construction statistics manager Melissa McKenzie said.

"While the volume of residential building activity is at a record high, the number of new homes consented was higher in the mid-1970s and 2004. This may reflect that homes and alterations being built now are often bigger, more complex, and subject to different regulations."

The actual value of non-residential building work was NZ$1.9 billion - up 0.6 percent on year.

The non-residential building types with the most work put in place (by value) were: office, administration, and public transport buildings - NZ$401 million (down 1.6 percent on year); education buildings - NZ$331 million (up 1.8 percent); and shops, restaurants, and bars - NZ$234 million (down 13 percent).

The non-residential value rose 1.6 percent on quarter as the value rose 2.3 percent in Auckland and fell 14 percent in Canterbury.

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