Published 9 June 2009
Building work put in place in the March year was down 11.1% on the previous year to $12.1 billion, led by a 24% decline in new homes.
The fall in new-home construction was from $7.2 billion to $5.5 billion for the year. Non-residential construction, at the same time, went from $5 billion to $5.3 billion.
For the March quarter, Statistics NZ said today construction of new homes was down 29.5% and overall construction was down 13.3%.
It was the fourth successive quarter of decline, both overall & in the new-homes sector. Non-residential construction, on the other hand, had a better run, turning from 7 declines in the previous 8 quarters to a purple year of 4 quarterly gains.
Non-residential construction was up 5.8% in the March quarter and 5.2% for the year, after small declines in the previous 2 years.
Non-residential construction has been slightly higher than new residential for the last 2 quarters after a long period of coming in much lower. For the March quarter, the figures were $1.237 billion for non-residential, $1.115 billion for new homes.
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Attribution: Statistics NZ tables, story written by Bob Dey for the Bob Dey Property Report.