Construction work picks up pace
Wednesday 29 August 2012
Nearly a billion dollars’ worth of building consents was approved in Canterbury in the first half of 2012, quickly approaching the 1.2 billion consented over the whole of last year.
By The Landlord
Non-residential building is noticeably starting to pick up pace. Of the consents in the first half of 2012, $404 million was for non-residential building work.
Residential work has been slower to pick up and activity is still below pre-quake levels.
The data comes from a Statistics New Zealand report out today, which said the rebuilding was largely being funded by insurance claims.
New Zealand insurance companies had made $15.7 billion worth of claims on overseas reinsurers for all the Canterbury earthquakes.
As at March 31 2012, about a quarter of these claims had been settled with overseas reinsurers.
Statistics NZ said there were $11.9 billion worth of claims outstanding.
In addition, at least $4 billion of insurance claims have been made on the Earthquake Commission over and above the international claims.
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