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Financial News: New Zealand Building Permits Sink 4.5% In July

New Zealand Building Permits Sink 4.5% In July

08/31/2020 - 19:20:00 (RTTNews)

(RTTNews) - The total number of new building consents issued in New Zealand tumbled a seasonally adjusted 4.5 percent on month in July, Statistics New Zealand said on Tuesday - coming in at 3,391.

That follows the upwardly revised 0.7 percent increase in June (originally 0.5 percent).

In the year ended July 2020, the actual number of new dwellings consented was 37,585, up 6.0 percent.

The annual value of non-residential building work consented was NZ$6.7 billion, down 11 percent from the July 2019 year.

Among the July consents, there was permits issued for 1,938 stand-alone houses, 1,030 townhouses, flats, and units, 288 apartments and 135 retirement village units.

By region, the numbers of new dwellings consented in the year ended July were: 14,895 in Auckland - up 4.6 percent; 4,135 in Waikato - up 0.8 percent; 3,125 in Wellington - up 15 percent; 5,921 in rest of North Island - up 3.4 percent; 5,729 in Canterbury - up 13 percent; and 3,776 in rest of South Island - up 5.0 percent.

In the year ended July 2020, non-residential building consents totaled NZ$6.7 billion, down 11 percent from the July 2019 year.

In the July 2020 year, the non-residential building types with the highest values were: education buildings - NZ$1.1 billion (up 3.9 percent); storage buildings - NZ$969 million (down 3.1 percent); and offices, administration, and public transport buildings - NZ$947 million (down 4.8 percent).

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