Non-residential building spurts to 12 year high
Non-residential construction surged to a 12 year high in the June quarter, Statistics New Zealand figures out today show.
Thursday, September 15th 2005, 8:33AM
by The Landlord
The seasonally-adjusted value of non-residential building work rose 19.4 per cent during the June quarter, the biggest quarterly increase since March 1993.That follows an 8.5 per cent rise in the March 2005 quarter, and shows the appetite for commercial buildings is still insatiable.
Commercial buildings, including shops, restaurants, taverns, offices and administrative buildings, accounted for about third of the quarterly rise.
New prisons also played a big part, accounting for almost half of the 18 per cent rise in the hotel and boarding house category.
After adjusting for price changes, the value of non-residential building work rose 26.9 per cent in the year to June.
In contrast, residential building eased off the gas pedal in the June quarter, with the seasonally-adjusted value of residential work declining 1.1 per cent, following a 6.6 per cent rise in March.
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