Building consents take a tumble

The number of new houses being built is falling rapidly, in line with a worsening economy.

Figures from Statistics New Zealand show residential building consents issued by councils were at their lowest level for some years.

The peak of the cycle this decade was four years ago when councils gave consent for builders to put up 25,874 new houses.

Latest figures showed that had dropped to just 18,604 new house consents in the year to September.

Goldman Sachs JBWere (NZ) research director Shamubeel Eaqub said the figures showed an extremely weak sector.

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By Anne Gibson Oct 31, 2008

Posted: 31 Oct 2008

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