Building consents top $2 billion for the first time

Published: Fri 28 Apr 2017 10:53 AM
Building consents top $2 billion for the first time
28 April 2017
Building consents reached a record $2 billion in March 2017, boosted by new homes and several big non-residential projects, Stats NZ said today. This was up 37 percent compared with March 2016.
The $2 billion of planned building work comprised:
• $1.2 billion for new homes and residential alterations
• $837 million for offices, hotels, hospitals, shops, and other non-residential buildings.
All three values were record highs, however, these values are not adjusted for inflation.
Home consents down slightly following February surge
In March 2017, the seasonally adjusted number of new homes consented fell 1.8 percent from February, when the number surged 17 percent.
In actual terms, a total of 2,779 new homes were consented, up 20 percent compared with March 2016.
Over the 12 months to March, 30,626 new homes were consented, up 10 percent from the previous March year. This included 10,199 new homes in Auckland.
Non-residential consents hit $837 million
The value of non-residential consents in March was $837 million (up $377 million from March 2016).
“A consent for the Park Hyatt Hotel in Auckland helped boost the value of non-residential consents to its highest-ever level,” business indicators senior manager Neil Kelly said. “This month’s spike in commercial consents shows there’s still quite a bit of building work in the pipeline.”
The $837 million of planned non-residential building work included:
• $191 million for offices, administation, and public transport buildings (up $92 million from March 2016)
• $167 million for hotels, motels, and other short-term accommodation (up $141 million)
• $104 million for hospitals, nursing homes, and other health buildings (up $68 million)
• $102 million for shops, restaurants, and bars (up $61 million).
For more information about these statistics:
• Visit Building Consents Issued: March 2017
• See CSV files for download

Next in Business, Science, and Tech

NZ dollar jumps a cent as Reserve Bank wrong-foots traders
By: BusinessDesk
Four endangered sea lions dead in nets in one week
By: Forest And Bird
Falling battery costs may outstrip Transpower projections
By: BusinessDesk
SAFE applauds Government decision to cancel Saudi sheep deal
By: SAFE For Animals
Official Cash Rate unchanged at 1.75 percent
By: Reserve Bank
Orr dovish but not as dovish as the market expected
By: BusinessDesk
Reserve Bank pushes out the likely date of next OCR move
By: BusinessDesk
RBNZ capital plan could see real-time bank stress test: KPMG
By: BusinessDesk
Inflation expectations ease in Reserve Bank survey
By: BusinessDesk
Wages rising faster than house price rises
By: New Zealand Government
Further evidence of weakening economic outlook
By: New Zealand National Party
RBNZ bets against Labour’s economy
By: ACT New Zealand
RBNZ: KiwiBuild won’t contribute to housing stock in 2019
By: ACT New Zealand
Sea lion captures in the southern squid fishery
By: Fisheries New Zealand
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media