Construction sector expects rebound soon

Workers in the $12 billion building and construction sector are facing the toughest times in almost two decades but a rebound is being picked soon.

Figures from Statistics New Zealand show the severity of the downturn for this sector, which has crashed to new record lows. Latest building consent data for January, the weakest in 17 years, showed just 17,525 residential buildings got consent in the year to January, down from 30,000 in 2005.

The 49,331 workers in the building business have enjoyed 7.5 per cent growth rates since 2003 but now big job cuts, reduced hours and pitiful demand looms large.

But some people believe a change is imminent.

Graham Darlow, Fletcher Construction's engineering division general manager, said his firm would be watching the results from the Jobs Summit keenly and expecting changes.

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Posted: 2 Mar 2009

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