\nAmount of new building work being started remains relatively subdued compared to previous years\n<\/p>\n
Statistics NZ’s latest estimates of construction activity remain grim in spite of a lift the September quarter (Q3) figures.<\/p>\n
Statistics NZ estimates $8.199 billion worth of new building projects were commenced in Q3, up by $480 million (6.2%) compared to the June quarter (Q2) .<\/p>\n
However, there is usually a lift in activity between the second and third quarters, so it is too soon to tell if the latest results are just the usual seasonal upturn or the start of a broader recovery in building activity.<\/p>\n
The Q3 figures were down 4.4% compared to Q3 last year. The quarterly figures have now been lower than the same quarter figures of the previous year for seven consecutive quarters.<\/p>\n
In the 12 months to September this year an estimated $31.571 billion of building work was commenced, down 9.6% compared to the previous 12 months. That followed a 3.2% decline the previous year, so the amount of new building work remains relatively subdued.<\/p>\n
In dollar terms, the amount of building work started in the 12 months to September was down $4.523 billion compared to the 12 months to September 2023.<\/p>\n
Both residential and non-residential work volumes have been in decline, although residential work has been declining for longer.<\/p>\n
The value of residential project commencements compared to the same quarter of the previous year has been in decline for nine consecutive quarters, while non-residential commencements have been in decline compared to a year earlier for four consecutive quarters.<\/p>\n
A quarterly analysis of residential building consents, including average dwelling size by type of property consented and the average consented build\u00a0cost per square metre, is available here<\/a>. The same analysis for the main types of commercial building consents is available here<\/a>.<\/p>\n
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