Residential building consents jump 20% in July, driven by Auckland intentions
Seasonally adjusted consents climbed to 2525 in July.
Hot Topic
Hawke’s Bay
New Zealand residential building consents jumped by a fifth in July, turning around a decline in June, and spurred by increased construction intentions in Auckland.
Seasonally adjusted consents climbed to 2525 in July, from 2096 a month earlier, according to Statistics New Zealand. Of that, house building consents gained 12% to 1710 in the month.
On an unadjusted basis, new dwelling consents rose 24% to 2824 from July 2014, led by a 54% jump in intentions to build townhouses, flats and units, and a 21% rise in new apartment permits. Dwelling consents were up 8.4% on an annual basis to 25,696.
Auckland accounted for about 40% of all new consents in July, with a total of 1116, up from 849 permits in the same month a year earlier. Canterbury was the next biggest regional contributor with 650 permits, compared to 609 in July 2014.
New Zealand's biggest city is expected to account for the bulk of the country's construction activity over the next six years as it tries to make up for a period of subdued building work after the collapse of the finance sector left a funding hole for property development, and led to a shortfall in housing stock as record inbound net migration bolsters Auckland's population.
The value of non-residential work fell 11% to $455 million in July from the same month a year earlier, for a 13% annual increase to $5.3 billion. The value of all residential permits, including alterations, rose 11% to $976 million in July, and were up an annual 9.5% to $9.89 billion.
(BusinessDesk)
Paul McBeth
Mon, 31 Aug 2015
Mon, 31 Aug 2015
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Residential building consents jump 20% in July, driven by Auckland intentions
51100