New Zealand Q3 Building Volume Adds 0.7%

(RTTNews) - The volume of all building in New Zealand picked up a seasonally adjusted 0.7 percent on quarter in the third quarter of 2018, Statistics New Zealand said on Wednesday.

That was shy of expectations for an increase of 2.3 percent and down from 0.8 percent in the three months prior.

Residential building activity rose 1.2 percent on quarter, while non-residential building was unchanged.

The actual value of all building work was NZ$5.8 billion - up 6.1 percent on year.

The regions with the highest total values in the third quarter were: Auckland - NZ$2.4 billion; and Canterbury - NZ$939 million.

The actual value of residential building work was NZ$3.8 billion for the latest quarter - up 5.1 percent on year. The largest percentage changes compared with September 2017 were for Auckland, up 16 percent, and Canterbury, down 14 percent.

In seasonally adjusted terms, the value of residential work rose 2.1 percent on quarter. The seasonally adjusted value rose 7.0 percent in Auckland and fell 5.0 percent in Canterbury.

The actual value of non-residential building work was NZ$2.1 billion - up 7.9 percent on year.

The non-residential building types with the most work put in place (by value) were: office, administration, and public transport buildings - NZ$342 million (down 15 percent from the September 2017 quarter); education buildings - NZ$341 million (up 3.0 percent); and shops, restaurants, and bars - NZ$275 million (up 18 percent).

In seasonally adjusted terms, the value of non-residential work rose 1.3 percent on quarter.

The seasonally adjusted value fell 2.2 percent in Auckland, following rises in the previous two quarters, and rose 13 percent in Canterbury, after falls in the previous two quarters.