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Financial News: New Zealand Building Consents Rise 0.3% In August

New Zealand Building Consents Rise 0.3% In August

09/29/2020 - 19:15:00 (RTTNews)

(RTTNews) - The total number of building consents issued in New Zealand gained a seasonally adjusted 0.3 percent on month in August, Statistics New Zealand said on Wednesday - standing at 3,147.

That was roughly in line with expectations following the downwardly revised 4.6 percent drop in July (originally -4.5 percent).

In the year ended August 2020, the actual number of new dwellings consented was 37,467, up 5.1 percent from the August 2019 year.

The annual value of non-residential building work consented was NZ$6.8 billion, down 9.4 percent on year.

In August 2020, consents were for: 1,791 stand-alone houses; 1,048 townhouses, flats, and units; 205 apartments; and 103 retirement village units.

By region, the numbers of new dwellings consented in the year ended August were: 14,879 in Auckland - up 3.7 percent; 4,105 in Waikato - up 1.4 percent; 3,163 in Wellington - up 15 percent; 5,925 in rest of North Island - up 3.9 percent; 5,653 in Canterbury - up 8.8 percent; and 3,739 in rest of South Island - up 3.5 percent.

In the year ended August 2020, non-residential building consents totaled NZ$6.8 billion, down 9.4 percent from the August 2019 year. Non-residential construction prices (as measured by the capital goods price index) were up 4.5 percent in the June 2020 year.

In the August 2020 year, the non-residential building types with the highest values were: education buildings - NZ$1.1 billion (down 5.8 percent); storage buildings - NZ$1.0 billion (up 5.8 percent); and offices, administration, and public transport buildings - NZ$952 million (down 1.8 percent).

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