Key Facts:

  • Stats NZ reports that the volume of residential building work fell by 2% on a seasonally adjusted basis in the first quarter of 2021.
  • This decline is attributed to a sharp drop in new home builds, with a decrease of 14% in the construction of new dwellings.
  • Residential alteration work, however, saw a slight increase of 0.4%.
  • Declines in construction activity were observed across most regions, with the Auckland and Wellington regions experiencing the largest decreases.
  • The value of residential building work consented also fell by 6.7% in the same period.
  • Despite the decline, the construction sector remains relatively strong, fueled by higher levels of non-residential building work.

Article Summary:

According to Stats NZ, the volume of residential building work in New Zealand dropped by 2% in the first quarter of 2021 on a seasonally adjusted basis. This decline was primarily driven by a 14% decrease in the construction of new homes. However, there was a slight increase of 0.4% in residential alteration work.

The drop in construction activity was seen across most regions, with Auckland and Wellington experiencing the largest decreases. Additionally, the value of residential building work consented also fell by 6.7% during the same period.

Despite these declines, the construction sector in New Zealand remains relatively strong, thanks to increased levels of non-residential building work.

To read the full article, go to: Stats NZ says volume of residential building work dropped 2% in Q1, with a 14% drop in construction of new homes