Big fall-off in residential building

The tighter economic climate this year has led, unsurprisingly, to a big drop in house building.

The seasonally adjusted volume of residential building work put in place in the September quarter was the lowest since June 2002, Statistics New Zealand (SNZ) said today.

In the latest quarter the volume fell 7.9 per cent, while in the past year the volume of residential building work fell 22.1 per cent.

The volume of residential building work put in place has been falling since the most recent peak in September 2007, SNZ said.

The seasonally adjusted value of residential building work, in current prices, fell 6.7 per cent in the September quarter.

Falls were recorded in each quarter over the past year, falling 18.7 per cent in that time, SNZ said.

For the year ended September, the unadjusted value of residential building work put in place was $8 billion, down 3.5 per cent from the previous September year.

To read the full NZ Herald story click here

Posted: 9 Dec 2008

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