New Zealand building consents for July +26.2% vs -17.0% last month (revised from -13.8%)

• Prio rmonth -17.0% revised from -13.8%)
• Building consents for July 26.2%

The bounce back gain is the largets since May 2020. Last months decline was the largest since February 2021.

Looking at the history, the ups-and-downs are pretty evident.

“A higher number of working days contributed to the increase in homes consented in July 2024 when compared with July 2023,” Heslop said.

There were 23 working days in July 2024 compared with 20 in July 2023, with Matariki being observed in June in 2024 (compared with July in 2023). More working days in a month means more time for building consent authorities to issue consents for new homes.

In the month of July 2024 there were 1,685 stand-alone houses consented, up 42 percent compared with July 2023. There were 1,667 multi-unit homes consented, down 11 percent over the same period.

“A large project in the Queenstown-Lakes district contributed to a sharp rise in stand-alone houses consented in July 2024,” Heslop said.

The number of homes consented each month can vary significantly due to the timing of large projects.

This article was written by Greg Michalowski at www.forexlive.com.