Christchurch building consents top $1 billion in first half

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

BUSINESSDESK: The value of building consents approved in Canterbury reached $1 billion quickly approaching the $1.2 billion consented for all of last year, Statistics New Zealand says.

Some $404 million was for non-residential building work and rest was for home building.

"Residential building consents have seen some large rises in the number of new dwellings authorised in Canterbury in the most recent months," the government department says.

"These rises have mainly been in the districts adjacent to Christchurch city (Waimakariri and Selwyn)."

Rebuild activity is largely funded by insurance claims. New Zealand insurance companies have made a total $15.7 billion of claims on overseas reinsurers for all the Canterbury earthquakes, Statistics NZ says.

At the end of March about a quarter of these claims had been settled with overseas reinsurers and some $11.9 billion worth of claims remained outstanding.

The construction sector is one of the few industries set to benefit from Christchurch's earthquake distribution, with the accommodation, food and retail sectors yet to recover.

Hotel capacity remains down by about 50%, with many located in the central business district.

Retail trade fell to a lesser extent post-earthquakes and has been able to quickly recover, surpassing pre-earthquake levels.
 


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7294 0.0000 0.00%
AUD 0.9338 0.0000 0.00%
EUR 0.6616 0.0000 0.00%
GBP 0.4711 0.0000 0.00%
HKD 5.6661 0.0000 0.00%
JPY 88.7080 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1204.0 -0.520 2015-05-22T00:
Oil Brent 65.9 1.310 2015-05-22T00:
Oil Nymex 59.7 -1.040 2015-05-22T00:
Silver Index 17.0 -0.081 2015-05-22T00:

Indices

Symbol Open High Last %
NZX 50 5769.3 5785.2 5769.3 0.12%
NASDAQ 5085.4 5103.8 5090.8 -0.03%
DAX 11881.5 11881.8 11864.6 -0.42%
DJI 18286.9 18286.9 18285.7 -0.29%
FTSE 7013.5 7061.7 7013.5 0.26%
HKSE 27723.7 28041.3 27523.7 1.70%
NI225 20208.8 20278.3 20202.9 0.30%