Published 11 June 2006
The value of all building work put in place in the March 2006 year was worth $1 billion more than the previous year, rising 8.9% to $12.655 billion.
After 3 quarters of construction worth about $3.2 billion, the value in the March quarter was worth $2.95 million, up 10% on that quarter last year.
Non-residential construction has picked up as the residential sector has slowed down â€“ the residential share fell from 64% in the March 2005 year to 59%. Statistics NZ said residential work was up 2.6% in the March quarter compared to that quarter in 2005 but, taking out price increases, it fell by 3.1%. Non-residential was up 22% actual, 17% after taking out price increases.
Residential construction prices, as measured by the capital goods price index, rise 1% from the December quarter, 5.9% from a year earlier. Non-residential rose 1.7% from the December quarter, 4.5% from a year earlier.
Statistics NZ said the trend for the value of non-residential building work put in place had risen for the last 11 quarters, even when the impact of price changes was removed.
The number of paid hours in the construction industry, as measured by the quarterly employment survey, increased by 5.3% from the March 2005 quarter, following a 19% rise the previous year.
Construction of new homes was worth $1.45 billion for the March quarter, up 1.6% on a year earlier. Alterations & additions, at $283 million, were down to an 8.1% increase on the March 2005 quarter after a 28.2% increase in the December quarter. Total residential construction for the quarter was $1.73 billion, up 2.6%.
For the year, construction of new homes fell 0.8% to $6.27 billion after rises of 31.3% in the March 2003 year, 27% in 2004 & 14.9% in 2005. Alterations & additions have risen by double-digit percentages in 4 of the last 5 years, with a 10.6% increase to $1.19 billion this year.
Non-residential building work has increased by high double-digit percentages for 8 consecutive quarters â€“ the highest was 33% in the June 2005 quarter, while the latest rise of 22.4% was worth $1.2 billion.
Attribution: Statistics NZ figures & release, story written by Bob Dey for this website.