The seasonally adjusted volume of non-residential building activity fell for a fifth consecutive quarter in the three months to March, dropping to its lowest level in six years, Statistics New Zealand (SNZ) says.The non-residential adjusted volume fell 0.
The seasonally adjusted volume of non-residential building activity fell for a fifth consecutive quarter in the three months to March, dropping to its lowest level in six years, Statistics New Zealand (SNZ) says.
The non-residential adjusted volume fell 0.8 percent in the March quarter, and was 13.6 percent lower than in the December 2008 quarter.
In contrast, the seasonally adjusted volume of residential building work rose 2 percent, adding to a rise of 7.2 percent in the December quarter.
The volume of residential building work in the March quarter was 9.4 percent higher than during the recent low in the September 2009 quarter, and was similar to levels seen in the March 2009 quarter, SNZ said today.
For all buildings, the seasonally adjusted volume was up 0.7 percent in the March quarter, following a 1.2 percent rise in the December quarter.
SNZ figures show the unadjusted value of residential buildings put in place in the March quarter was $1.4 billion, 2.3 percent lower than a year earlier, while the non-residential total fell 15 percent to $1.1b, and the total value fell 8.2 percent to $2.5b.
The seasonally adjusted value of residential building work, in current prices, rose 2.2 percent in the March quarter, while the non-residential value fell 1.2 percent, its fifth consecutive quarterly fall.
For the March year, the unadjusted value of all building activity was $10.6b, down 12.6 percent from the previous year. Non-residential building work fell 9.9 percent to $4.8b, while residential building activity fell 14.7 percent to $5.8b.
