Home building consents fall 4.1% in June as Canterbury work tapers off
Seasonally adjusted consents for all dwelling types dropped to 2058 in June from 2146 in May.
New Zealand residential building consents fell 4.1% in June as construction intentions in Canterbury tapered off, with the region's housing rebuild nearing a plateau.
Seasonally adjusted consents for all dwelling types dropped to 2058 in June from 2146 in May, according to Statistics NZ. New house consents declined 0.4% to 1519.
On an adjusted basis, dwelling consents rose 7.9% to 2042 from the same month a year earlier, as intentions to build new retirement units, townhouses, offset a drop in plans for new apartments. New housing consents increased 0.8% to 1502. Canterbury consents fell to 544 from 623 a year earlier, while Auckland permits rose to 704 from 599.
"New dwelling consents growth this month was led by Auckland, which offset the fall in Canterbury," business indicators manager Clara Eatherley said.
The Ministry of Business' 2015 National Construction Pipeline Report, released yesterday, shows $209.4 billion of work projected over the next six years, peaking in 2016 at $36.5 billion of work. While the value of work is likely to reach a record, the volume is lagging behind due to the increased cost of building.
Today's data show annual residential issuance rose 7.9% to 25,154, with new housing consents flat at 17,917.
The value of residential permits rose 9% to $689 million in June from a year earlier, for an 11% annual gain to $8.08 billion. The value of non-residential work fell 7.5% to $454 million in June, for a 17% annual increase to $5.36 billion.
(BusinessDesk)
Paul McBeth
Thu, 30 Jul 2015
Thu, 30 Jul 2015
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Home building consents fall 4.1% in June as Canterbury work tapers off
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