NZ Building Consents -5.2% vs 2.4% last month

• Prior month 2.6% revised to 2.4%
• New Zealand October Building consents -5.2%

Details

Key Facts

• Seasonal Trends: New dwellings consented decreased by 5.2% in October 2024 (seasonally adjusted), following a 2.4% rise in September 2024.
• Annual Totals:
  • 33,467 new dwellings consented in the year ended October 2024, a 16% decrease from the year ended October 2023.
  • The annual value of non-residential building work consented was $9.3 billion, a 3.5% decrease from the previous year.
• Dwellings per Capita:
  • 6.3 new dwellings per 1,000 residents were consented in the year ended October 2024, compared to 7.6 per 1,000 in October 2023.

New Dwellings Consented in October 2024

A total of 2,850 new dwellings were consented, comprising:

• 1,363 stand-alone houses
• 1,174 townhouses, flats, and units
• 183 apartments
• 130 retirement village units

Monthly Variability

• The number of dwellings consented can fluctuate significantly each month due to the timing of large multi-dwelling projects, such as townhouses and apartment buildings.

New Dwellings Consented Per 1,000 Residents

• 2024 vs. 2023:
  • 6.3 dwellings per 1,000 residents in the year ended October 2024, compared to 7.6 per 1,000 in October 2023.
• Historical Context:
  • The record high was 13.4 dwellings per 1,000 residents in the year ended December 1973.

Non-Residential Building Consents

• Annual Value:
  • Non-residential building consents totaled $9.3 billion in the year ended October 2024, a 3.5% decrease from October 2023.
  • This decrease was partly influenced by rising non-residential construction prices, which were up 3.2% in the year ended September 2024 (as per the capital goods price index).
• Top Non-Residential Building Types (2024):
  1. Offices, Administration, and Public Transport Buildings:
     • Valued at $1.8 billion, an increase of 26%.
  2. Hospitals, Nursing Homes, and Health Buildings:
     • Valued at $1.4 billion, a decline of 6.8%.
  3. Storage Buildings:
     • Valued at $1.3 billion, a decline of 13%.

In New Zealand, a building consent is an official approval granted by a Building Consent Authority (BCA), typically a local council, allowing specific building work to proceed on a designated site. This consent ensures that the proposed construction complies with the Building Code, confirming that the completed work will be safe, durable, and not pose health risks to occupants

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