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Financial News: New Zealand Building Consents Tumble In February

New Zealand Building Consents Tumble In February

03/29/2021 - 18:33:00 (RTTNews)

(RTTNews) - The total number of building permits issued in New Zealand dropped a seasonally adjusted 18.2 percent on month in February, Statistics New Zealand said on Tuesday - coming in at 3,129.

That follows the downwardly revised 1.5 percent increase in January (originally 2.1 percent).

In the year to February 2021, the number of dwellings consented was up 4.9 percent - standing at 39,725.

The annual value of non-residential building work consented was NZ$7.1 billion, down 2.7 percent from the February 2020 year.

In February 2021, there were 3,129 new dwellings consented, comprising: 1,944 stand-alone houses; 884 townhouses, flats, and units; 155 retirement village units; and 146 apartments.

By region, the numbers of new dwellings consented in the year ended February 2021 (compared with the February 2020 year) were: 17,060 in Auckland - up 15 percent; 4,133 in Waikato - down 3.0 percent; 2,978 in Wellington - down 11 percent; 6,308 in rest of North Island - up 6.1 percent; 5,859 in Canterbury - up 7.2 percent; and 3,379 in rest of South Island - down 16 percent.

In the year ended February 2021, non-residential building consents totaled NZ$7.1 billion, down 2.7 percent from the February 2020 year.

In the February 2021 year, the non-residential building types with the highest values were: education buildings - NZ$1.3 billion (up 26 percent); storage buildings - NZ$1.1 billion (up 27 percent); and offices, administration, and public transport buildings - NZ$952 million (down 2.3 percent).

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