Residential slowdown leads building slump

Wednesday 6 June 2012

A decline in residential activity led a 0.4 per cent drop in building work in the March 2012 quarter, Statistics New Zealand has revealed.

By Benn Bathgate

 The March quarter fall follows an increase of 2.8 per cent in the December 2011 quarter.

 "The overall decrease in the March 2012 quarter was due to a fall in residential work, which more than offset a rise in non-residential work," said industry and labour statistics manager Blair Cardno.

 "Building activity in Canterbury showed signs of picking up after the earthquakes, particularly for non-residential building work. However, overall building activity decreased in the rest of New Zealand."

Statistics NZ said the trend for overall building activity continued to rise from the 10-year low point of the September 2011 quarter. 

The trend for residential building activity has risen slightly from an 18-year low point, while the trend for non-residential building activity shows a moderate rise after falling for most of 2011. 

Commenting is closed

House Prices

Auckland median price down, national median price up

More evidence of the “Auckland effect” comes in the latest Real Estate Institute of NZ data which shows that, in July, Auckland’s median price fell by 2.6%, while the national median price rose by 3.3%.

Commercial

Victory for business in change to earthquake rules

New, more targeted regulations for earthquake-prone buildings are a win for commercial property owners and businesses.

Mortgages

RBNZ cuts OCR

The Reserve Bank has cut the OCR to 3.25% today. Here is what the governor Graeme Wheeler said.

Site by PHP Developer