FOR IMMEDIATE RELEASE
March 9 2007
Building and construction sector “steady as she goes”
The latest residential building figures reflect a “steady as she goes” building and construction sector, says Registered
Master Builders Federation Chief Executive Pieter Burghout.
Statistics New Zealand figures released today showing the value of residential building work rose 3.1% in the December
2006 quarter, with commercial construction up 3.5%.
Over the whole of 2006, all building work was up 3.1% on the previous year, but once adjusted for inflation it was more
or less the same, Mr Burghout says.
“In dollar terms, the last quarter for 2006 was a strong one and we think it will be largely more of the same during
2007.”
Mr Burghout says the Reserve Bank’s action in raising interest rates yesterday may lead to lower levels of residential
building, but ongoing strong levels of commercial building work should mean that “the building and construction sector
should stay relatively buoyant”.
“This continues to bode well for skills and capability investment in the sector, especially given the introduction of
voluntary builder licensing later this year and compulsory licensing in 2009.”
ENDS