Building activity at 10-year low
A drop in residential building activity has pushed building work down to a 10-year low.
A drop in residential building activity has pushed building work down to a 10- year low.
The 6.6% drop after adjusting for price and seasonal effects in the June quarter follows a similar fall in the March quarter, with less non-residential building activity responsible.
According to Statistics New Zealand residential building activity fell 12 % in the June quarter. Over the last year it has fallen 24% to the lowest level in 18 years. The number of new homes approved also hit a record low earlier this year.
Non-residential building activity fell 1.4% in the June quarter, following a 10% fall in the previous quarter.
This survey is designed for accuracy at the national level, not regionally.
Statistics New Zealand has investigated the impact of the Canterbury earthquakes on building work in the region and how it compares with the rest of the country.
“It looks as though Canterbury actually performed slightly better than the rest of the country in the June quarter,” industry and labour statistics manager Kathy Connolly said. “It seems that residential building work in Canterbury fell by slightly less than in the rest of the country, while non-residential building work appears to have risen.”
In the June 2011 year compared with the June 2010 year, the unadjusted value of all building work was $10,589 million, down 1.2 per cent. Residential building work was $5,791 million, down 5.1%. Non-residential building work was $4,798 million, up 3.9%.
Nicola Williams
Thu, 08 Sep 2011
Thu, 08 Sep 2011
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Building activity at 10-year low
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