NZ Construction Value hits 18-month high

The value of New Zealand's total building work hit an 18-month high in the June quarter as the construction sector bounces back from a slump.

The total value of building work put in place rose to $2.89 billion in the three months ended June 30, according to Statistics New Zealand, the highest since the December quarter in 2008.

The value of residential work surged 21 per cent to $1.69 billion from the March quarter, while commercial work gained 13 per cent to $1.91 billion.

Construction has bounced back from its low in September last year, though it's still 18 per cent below a peak in December 2007, and the sector will get a fillip from the rebuilding of Christchurch after the 7.1 magnitude earthquake caused some $4 billion worth of damage to the city.

The property market has been struggling this year after a shortage of housing stoked prices as returning expatriates and new migrants looked for new homes.

This article is republished courtesy of NZ Herald - to read this and more property related articles click here

Posted: 9 Sep 2010

News articles