Decline in residential building continues

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The fall-off in residential building is continuing, building consent figures released by Statistics New Zealand (SNZ) show.

Friday, July 29th 2005, 9:25AM

The latest figures show that non-residential building consents contributed 44% of the total value of building consents in June 2005, their largest contribution since October 2001, SNZ said. Residential buildings contributed 56% to the total value of all buildings, compared with 67% in June 2004. Non-residential buildings' contribution to the total value of building consents has increased from a median of 30% for the year ended June 2004, to 37% for the following 12 months. In contrast, the value contribution of total residential building consents has fallen over the same period. The total value of consents issued for non-residential buildings was $406 million in June 2005, up 21% from June 2004. The largest contributor to this value was hostels and boarding houses with $153 million, of which $150 million was prison facilities. Consents for 2129 new dwelling units were issued in June 2005, of which 237 (11%) were new apartment units. The total value of consents issued for residential buildings in June 2005 was $527 million. The trend for value of residential buildings has been falling since January 2005. The total value of consents issued for all buildings in June 2005 was $933 million, down $75 million (7%) from June 2004.

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