New Zealand Value Of Building Climbs 2.5% In Q4

(RTTNews) - The total value of construction work in New Zealand advanced a seasonally adjusted 2.5 percent on quarter in the fourth quarter of 2015, Statistics New Zealand said on Thursday - coming in at NZ$4.4 billion.

That beat forecasts for an increase of 2.0 percent and was up from 0.5 percent in the third quarter.

Residential building activity added 2.8 percent to NZ$2.8 billion, while non-residential building activity gained 2.3 percent to NZ$1.8 billion.

"This is the most building activity we've seen since the series began 26 years ago, with total activity slightly higher than the previous record," business indicators senior manager Neil Kelly said. "Paid hours in the construction industry also reached a new high, and ready-mixed concrete production surpassed one million cubic meters for the first time."

Five of the six regional areas saw increases in the seasonally adjusted value of building work. Auckland was the largest driver of growth in the quarter, while Canterbury was the only area where the value decreased. However, Canterbury still accounted for one-quarter of the national total. Auckland accounted for one-third.

Auckland saw growth in residential building activity throughout the year, with a resurgence in non-residential growth during the second half of the year.

Canterbury saw growth in non-residential building work, especially at the start of the year, but residential work decreased.