Tuesday February 9, 2010

New Zealand building on the up and up

Detached housing consents are leading an upward spiral in New Zealand’s residential building sector, which has recorded its first growth since June 2007, according to leading industry analyst and economic forecaster, BIS Shrapnel.

BIS Shrapnel’s Building and Construction in New Zealand 2009/10 – 2015 report showed a 27 per cent increase in detached housing consents in the December quarter of 2009, albeit from more than a two-decade low. Despite continued fluctuation in apartment building consents, the company is expecting this rebound to continue over the coming years, which will be driven by a shortfall in new house supply relative to demand.

Contact: Adeline Wong