Sharechat Logo

NZ building consents rise 1.3 percent in May on Auckland, Christchurch construction

Friday 28th June 2013

Text too small?

New Zealand's new building consents rose in May, adding to a surge in April, as construction intentions Auckland and Christchurch underpinned growth in the sector.

New building permits rose 1.3 percent to a seasonally adjusted 1,818 last month, with a big build up in Auckland apartments, Statistics New Zealand said. The rose 21 percent in April. Stripping out apartments, seasonally adjusted permits slipped 0.3 percent to 1,591.

On an unadjusted basis, building consents climbed 44 percent to 1,971 in May from the same month a year earlier, and excluding apartments were up 34 percent to 1,752. New residential permits were up 22 percent to 18,521 on an annual basis, and excluding apartments, consents were up 23 percent to 16,754.

The Auckland and Canterbury regions accounted for about 57 percent of the national total with 1,122 new permits issued in May.

The overheated property markets in Auckland and Christchurch has been creating headaches for the Reserve Bank, which is looking at implementing limits on low equity home loans as a means to stifle demand.

The country's construction sector is seen as the driving force in the economy in coming years with a $40 billion spend on rebuilding Christchurch, the country's second biggest city, and the need to meet a shortage of housing stock in the biggest city of Auckland.

Today's figures showed the value of non-residential construction permits rose 24 percent to $434 million from a year earlier, and was up 9.2 percent to $4.04 billion on an annual basis. The value of all building permits was up 32 percent to $1.16 billion in May, and 19 percent to $10.89 billion annually.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Steel & Tube Fy20 Trading Update
Further Contract Win Strengthens Scott Technology’s Position In Mining Sector
China’s Assertiveness Is Becoming a Problem for Its Friends, Too
New Talisman - Chairman’s Address to AGM 2020 August 6, 2020
T&G reports its 2020 Interim Results
Gold price hits $2,000 for first time on Covid
TruScreen strengthens its market presence in central and eastern Europe
Refining NZ announces non-cash impairment
Ryman Healthcare COVID-19 update Victoria
Talisman Quarterly Activities Report to 30 June 2020

IRG See IRG research reports