New Zealand Building Consents Spike 9.9% In December

By | February 4, 2020
InstaForex
New Zealand Building Consents Spike 9

The total number of building permits issued in New Zealand jumped a seasonally adjusted 9.9 percent on month in December, Statistics New Zealand said on Tuesday – standing at 2,910.

That follows the upwardly revised 8.4 percent drop in November (originally -8.5 percent).

On a yearly basis, building permits spiked 14.0 percent to 37,538.

The annual value of non-residential building work consented was NZ$7.5 billion, up 5.2 percent from the December 2018 year.

In December consents were issued for: 1,662 stand-alone houses; 763 townhouses, flats, and units; 377 apartments; and 108 retirement village units.

The seasonally adjusted number of new stand-alone houses consented rose 2.1 percent from November 2019, following a 1.9 percent fall in October.

By region, the numbers of new dwellings consented in the year ended December 2019 (compared with the December 2018 year) were: 15,154 in Auckland (an all-time record) – up 18 percent; 4,251 in Waikato (the highest since records began in the March 1991 year) – up 14 percent; 3,174 in Wellington (the highest since the March 1991 year) – up 16 percent; 5,816 in rest of North Island – up 5.3 percent; 5,308 in Canterbury – up 11 percent; and 3,834 in rest of South Island – up 14 percent (this includes an Otago record of 2,286 new dwellings).

In the year ended December 2019, non-residential building consents totaled NZ$7.5 billion, up 5.2 percent from the December 2018 year. This series can be influenced by price changes – non-residential construction prices (as measured by the capital goods price index) were up 5.1 percent in the September 2019 year.

In the December 2019 year, the non-residential building types with the highest values were: education buildings – NZ$1.1 billion (up 3.1 percent); shops, restaurants, and bars – NZ$1.1 billion (down 4.4 percent); and offices, administration, and public transport buildings – NZ$1.0 billion (up 17 percent).