New Zealand Building Permits Slide 9.6% In October

The total number of building permits in New Zealand issued in October plunged a seasonally adjusted 9.6 percent on month, Statistics New Zealand said on Thursday – standing at 2,549.

That follows the downwardly revised 2.5 percent contraction in September (originally -2.4 percent).

Individually, permits were issued for 1,806 houses; 445 townhouses, flats, and units; 220 retirement village units; and 78 apartments.

The value of building work consented in October was NZ$1.8 billion, comprising NZ$1.2 billion of residential work and NZ$584 million of non-residential work.

In the year ended October, 30,866 new dwellings were consented – up 2.1 percent from a year earlier.

In the year ended October 2017, non-residential building consents were NZ$6.5 billion – up 6.1 percent from a year earlier.

Non-residential building types with the highest values were:
. offices, administration, and public transport buildings – NZ$1.3 billion (up 13 percent from the October 2016 year)
. education buildings – NZ$1.0 billion (down 14 percent)
. storage buildings – NZ$799 million (up 18 percent)
. shops, restaurants, and bars – NZ$771 million (down 3.9 percent).
Regions with the highest values of consented non-residential building work in the year were:
. Auckland – NZ$2.5 billion (up 15 percent from the October 2016 year)
. Canterbury – NZ$1.4 billion (down 14 percent, as Canterbury falls away from post-quake rebuild highs)
. Wellington – NZ$549 million (down 1.9 percent)
. Waikato – NZ$468 million (up 23 percent, mainly due to rises in factories, storage, offices, and hospitals).

The material has been provided by InstaForex Company – www.instaforex.com