March building figures show ongoing growth

New Zealand’s strong building growth continues both nationally and in Auckland, with March 2017 figures showing strong increases for the month, quarter and year on the same periods in 2016, Building and Construction Minister Dr Nick Smith says.

“In Auckland the number of dwellings consented during March was 20 per cent up on the previous March, to 942 – the highest for March in 12 years. This isn’t just a one-off; the number of consents issued for the quarter was up 8 per cent to 2254, while for the year it was up 7 per cent to 10,199. This is the fifth straight year of strong growth in residential construction, making it the longest and strongest building boom in Auckland history.

“It was the same story nationally, with a 20 per cent increase in consents for March from the previous March, to 2779, a 9 per cent quarterly increase to 6949 and a 10 per cent yearly increase to 30,626. The level of residential investment nationwide is also at a record high of $12.7 billion, an increase of 15 per cent on last year.

“This ongoing strong growth shows the Government’s programme to increase housing supply is working, with the sector growing about as fast as it practically it can.

“Residential construction’s strong growth is also being matched by high levels of investment in commercial buildings and infrastructure, which has hit all time high of $6.8b, up 8 per cent on the previous year to March.

“This strong growth in residential, commercial and infrastructure investment, both in Auckland and nationwide, confirms that New Zealand is experiencing its strongest building boom ever and reinforces the strength of the New Zealand economy.”

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