A quarterly snapshot of the NZ Housing and Construction sectors

Yesterday, the Ministry of Business, Innovation and Employment published the March 2015 edition of the New Zealand Housing and Construction Quarterly report, which can be found here: http://www.dbh.govt.nz/UserFiles/File/Sector%20info/nzhc/2014/nz-housing-quarterly-december-2014.pdf

These are a few highlights of the report:

  • The annual number of new dwelling consents in the year to December 2014 for New Zealand was 24,717. This is a positive sign as it represents a significant increase from the pre-recession low of just over 13,000 in 2007. However, the December 2014 figures fall well short of the 31,423 consents in 2004. 
  • Overall, the performance of the construction sector continues to follow an upward trend, with increasing levels of employment, residential and non-residential construction and hourly earnings. 
  • The cost of building continues to increase at an incremental pace, with the cost of building a standard house peaking at around $1,400/m2 in Auckland in September 2014.

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