Building consents jump 10pc in Feb

Building consents issued in February jumped 10 per cent, after rising one per cent the month before.

The number of houses authorised - excluding apartments - was at its highest level since May 2008.

When the volatile apartment category is included, the number of new housing units authorised rose 5.9 per cent after being adjusted for seasonal effects.

"The trend for new housing units has been increasing since early 2009 but is showing signs of flattening in recent months," business statistics manager Louise Holmes-Oliver said. "However, the trend remains at a low level, and is almost a third lower than the recent peak in June 2007."

Robin Clements, senior economist at UBS New Zealand said the jump in February dwelling consents "was a surprise in that the general tenor of the housing sector indicators has been one of weakening activity".

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Posted: 30 Mar 2010

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