Archive | Statistics

Homes decline takes construction down 11%

Published 9 June 2009

Building work put in place in the March year was down 11.1% on the previous year to $12.1 billion, led by a 24% decline in new homes.

 

The fall in new-home construction was from $7.2 billion to $5.5 billion for the year. Non-residential construction, at the same time, went from $5 billion to $5.3 billion.

 

For the March quarter, Statistics NZ said today construction of new homes was down 29.5% and overall construction was down 13.3%.

 

It was the fourth successive quarter of decline, both overall & in the new-homes sector. Non-residential construction, on the other hand, had a better run, turning from 7 declines in the previous 8 quarters to a purple year of 4 quarterly gains.

 

Non-residential construction was up 5.8% in the March quarter and 5.2% for the year, after small declines in the previous 2 years.

 

Non-residential construction has been slightly higher than new residential for the last 2 quarters after a long period of coming in much lower. For the March quarter, the figures were $1.237 billion for non-residential, $1.115 billion for new homes.

 

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Attribution: Statistics NZ tables, story written by Bob Dey for the Bob Dey Property Report.

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Construction down 8% for quarter, narrowly positive for year

Published 9 December 2008

Building work put in place in the September quarter was down 8% from the September quarter of 2007, when there was an 8% rise from 2006.

The gains in the last 3 quarters of 2007 ended with an 11.4% rise for the December quarter, followed by a quieter March quarter (2.7% rise) and a 4.6% fall in June.

Despite the latest 2 successive falls, total building work completed in the September 2008 year remained just ahead of the previous year – by 0.1%, or $16 million, at $13.2 billion. Construction increased by more than 19% in the 2003 & 2004 September years, followed by a 10.4% gain in 2005 then 2 years of 4.7% & 4% gains.

In the residential sector, those boom years translated into new-home increases of 32.6% in 2003, 21% in 2004, collapsing to 3% in 2005, no change in 2006, an 11.2% gain in 2007 but a 5.5% fall this year.

After 3 strong quarters in 2007 (a 2.8% rise followed by gains of 19.5%, 18.4% & 12.3%), only the March quarter has been positive this year, with a 3.6% rise. In June, the construction of new homes was down by 11.5%, and in the September quarter it was down by 22.5% to $1.524 billion.

Commercial construction, where movements are much lumpier in all categories, was 6.3% ahead in the September 2008 year at $5.2 billion after falling 4.7% the previous year.

The strong non-residential years were 2004-05, when there were gains of 16.6% & 24.6%. After a 23.6% gain in the March 2006 quarter, the next 6 quarters were negative, rescued by a 10.4% gain in the December 2007 quarter.

2008 started negative with a 0.6% fall, followed by a 3.5% gain and an 11.2% increase in the September quarter to $1.4 billion of construction completed – the strongest non-residential quarter of the past 3 years.

·         These figures are all actual, not the seasonally adjusted figures which Statistics NZ highlights.

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Attribution: Statistics NZ tables, story written by Bob Dey for the Bob Dey Property Report.

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Non-residential construction increase 17% after price rises, takes up residential slack

Published 11 June 2006


The value of all building work put in place in the March 2006 year was worth $1 billion more than the previous year, rising 8.9% to $12.655 billion.



After 3 quarters of construction worth about $3.2 billion, the value in the March quarter was worth $2.95 million, up 10% on that quarter last year.


Non-residential construction has picked up as the residential sector has slowed down – the residential share fell from 64% in the March 2005 year to 59%. Statistics NZ said residential work was up 2.6% in the March quarter compared to that quarter in 2005 but, taking out price increases, it fell by 3.1%. Non-residential was up 22% actual, 17% after taking out price increases.


Residential construction prices, as measured by the capital goods price index, rise 1% from the December quarter, 5.9% from a year earlier. Non-residential rose 1.7% from the December quarter, 4.5% from a year earlier.


Statistics NZ said the trend for the value of non-residential building work put in place had risen for the last 11 quarters, even when the impact of price changes was removed.


The number of paid hours in the construction industry, as measured by the quarterly employment survey, increased by 5.3% from the March 2005 quarter, following a 19% rise the previous year.


Construction of new homes was worth $1.45 billion for the March quarter, up 1.6% on a year earlier. Alterations & additions, at $283 million, were down to an 8.1% increase on the March 2005 quarter after a 28.2% increase in the December quarter. Total residential construction for the quarter was $1.73 billion, up 2.6%.


For the year, construction of new homes fell 0.8% to $6.27 billion after rises of 31.3% in the March 2003 year, 27% in 2004 & 14.9% in 2005. Alterations & additions have risen by double-digit percentages in 4 of the last 5 years, with a 10.6% increase to $1.19 billion this year.


Non-residential building work has increased by high double-digit percentages for 8 consecutive quarters – the highest was 33% in the June 2005 quarter, while the latest rise of 22.4% was worth $1.2 billion.


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Attribution: Statistics NZ figures & release, story written by Bob Dey for this website.

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Non-residential work takes up slack as residential construction dips

Published 11 September 2005


Residential building work put in place for the quarter fell in June compared to the June 2004 quarter – the first fall since September 2001.



Non-residential construction continued to take up the slack, contributing 41% of all completion value for the quarter. Non-residential construction consents got down to 31% of the total in the June 2004 year before climbing back up to 37.5% in the year to June 2005.


Non-residential completions were worth $1.315 billion in the June 2005 quarter out of a total $3.2 billion of completions.


Residential completions were worth $1.89 billion, down 1.1% or $20 million on the June 2004 quarter but still double the value of residential construction in 2001. After a 12.4% fall in construction value in the September 2001 quarter, residential completion gains were in double figures for the 12 quarters, peaking with a 41.6% increase in the September 2002 quarter.


New dwelling completions were lower, with a 9.6% increase in the December quarter followed by a 9% gain in the March quarter, but in June the value fell 0.1%. The value of additions, alterations & outbuildings was high in keeping with new-home construction in most quarters until September 2004, but rose by only 2.6% in that quarter, fell 6.1% in the December quarter, rebounded with a 4.2% gain then fell again in the June quarter, by 6.7%.


In the non-residential sector, hotel & boardinghouse completions rose 114% to $114.1 million, commercial buildings rose 40.7% to $373 million and miscellaneous buildings were worth 26.7% more at $336 million.


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Non-residential back up to 40% of construction

Published: 30 July 2005


After 2 years of exceedingly high residential construction, the commercial development sector has lifted itself back up to about 40% of all construction.



9 of Statistics NZ’s 11 commercial building categories showed rises in the June 2005 year over the previous year and consents in the whole non-residential buildings sector were worth 30% more, at $4.06 billion. The value of non-residential consents in the latest year is more than 50% above the totals for each of the 3 June years 2001-03.


Total authorisations of residential, non-residential & non-building construction consents for the June 2005 year were worth $11.2 billion, up 7.4% on the previous year and up 76% on the $6.4 billion of 4 years ago.


The biggest rise over a year was the 735% increase in hostels & boarding houses to $465 million, boosted by consents for $153 million of work in June alone. Consents for hotels & motels were down 27.5% to $175 million, and down 13.5% to $200 million for hospitals & nursing homes.


Among other gains, consents for shops, restaurants & taverns rose 26% to $608 million, offices 42% to $738 million, storage buildings 23% to $394 million, factories & industrial buildings 29% to $535 million.


The number of non-residential building consents has been pretty steady over the past 5 years, in a range of 16-17,000. Their overall value rose from about $2.7 billion to $4 billion/year, but as a proportion of all building work they dipped for 2 years – from 42.9% of all building work in the June 2001 year to 37.2% then 31.9% & 30.9, but this year rising back up to 37.5%. In the month of June non-residential consents made up 43.5% of all building consents, which Statistics NZ said was the highest non-residential contribution since October 2001.


Non-building construction rose 28% in the latest period, to $378 million, 121% above the level in 2001.


Residential story: Residential consents down 6000 for year but still above 5-year average


 


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Total construction 14% above a year ago

Published: 9 June 2005


The value of all building work put in place in the March quarter was $2.685 billion, 13.8% higher than in the March quarter of 2004. Statistics NZ said that after adjusting for price changes the rise was 6%.


In actual dollar terms, construction peaked at $3.1 billion for the September 2004 quarter, including $1.65 billion for new homes. In the March 2005 quarter, the value of new home construction was $1.43 billion.


Non-residential construction crossed the $1 billion level in the 3rd & 4th quarters of 2004, hitting $1.15 billion in September then $1.09 billion in December before falling back to $996 million in the March quarter.


In percentage terms, residential construction made gains of 40%-plus in 3 quarters during 2001-02. Building work put in place by the residential sector has lessened, but is still ahead of a year earlier, with a 9.6% gain in the December quarter & 9% in March.


The non-residential sector picked up after a very quiet spell through most of 2002-03, rising by 30.5% in the June 2004 quarter followed by 3 quarters of 20% plus construction gains. In the March quarter the increase was 24.7%.


Website: Statistics NZ


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$11.3 billion of building completed in 2004, an alltime record in apples with apples comparison

Published: 8 March 2005


The $11.3 billion of building work completed in 2004 was an alltime record in a comparison on 1991 dollar values, Statistics NZ said today.


In 14-year-old money, the year’s building work put in place was worth $7.6 billion, 9% more than work completed in 2003.


Residential & non-residential annual values of building work were also at record highs in 2004. The residential value rose 6% from 2003, non-residential 12%.


Statistics NZ said the value of residential work rose 7% from the December 2003 quarter to the December 2004 quarter, but fell 4% (seasonally adjusted) from September. The trend turned in the September quarter, falling in both the September & December quarters.


Non-residential work rose 22% (actual) over the year, all building work 12% actual. After adjusting for price changes, the rise for all work was 4%. Seasonally adjusted, the value of all building work fell 3% from September.


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June quarter residential completion value up 26%, non-residential 31%

26% more residential, and 31% more non-residential, building work was put in place in the June quarter than in that quarter of 2003, Statistics NZ said today.


Statistics NZ says the trend in residential building consents is downward, but the trend in building work put in place continues upward.


I’ve struggled for some time with the Statistics view on issuing of consents, partly because I’ve had no confidence in its seasonally adjusted figures since discovering Statistics didn’t know how to deal with an entirely predictable move of Easter between March & April.


While the media generally just take the Statistics consents releases as given, focusing on numbers of dwellings, on this website I habitually give you detail that quite often confuses the broad picture.


So the upward trend in actual work completed comes as no surprise.


Statistics NZ said on the July issuing of building consents: “The trend series for the number of new dwelling units has been declining since January 2004, following a period of steady increases which began in April 2003.”


Consents for new homes were indeed down in July, by 10.5% on a year earlier, while the average value was down by just under 1%. Somehow Statistics NZ also represented the June & June year consent figures as trend declines, though both were the highest tallies in 30 years.


As I also wrote on the July figures: “The July statistics are the most complicated in years – annual consent & value figures are still soaring, average house size continued to fluctuate, average construction cost was down on the previous month but up on a year ago.”


Around the country that month, consent numbers showed a mixed picture.


On residential work put in place in the June quarter, Statistics NZ said today: “The trend for the value of all building work put in place [and it said the same about residential only] has been rising since the March 2001 quarter.”


In reality, the figures jump all over the place. Completion of hospitals & nursing homes, for example, jumped 48% & 94% in the September & December 2002 quarters, then slipped 8% at the start of 2003. Hostels & boarding houses have been up 90-99% in the past 2 quarters, after mostly falls in those 2 quarters in the previous 4 years.


Statistics NZ has more ways of looking at this than the plain old seasonal adjustment & trend. It also makes comparisons after taking out price increases from year to year, and tabulates changes in terms of June 1991 dollars.


In the last of these statistical series (the 1991 dollar one), the gain from the March to June 2004 quarter was 6.8%, the biggest shift since a 9.3% fall in September 2000.


The latest figures:


Statistics NZ said $1.91 billion of residential building work was put in place in the June quarter, up 26% ($395 million) on June 2003.


Seasonally adjusted, the rise from March to June was 11%.


Non-residential building work put in place rose 31% ($231 million) to $989 million. Seasonally adjusted, that rise was 14%.


All building work put in place was worth $2.9 billion, up 28% ($626 million). Seasonally adjusted, that rise was 12%.


After adjusting for price changes (the deflated value), the value of residential building work put in place rose 15% over the year, non-residential rose 20% and the combined rise was 17%.


Website: Statistics NZ

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March quarter construction worth $2.5 billion, up 24%

Building work put in place in the March quarter was worth $2.5 billion, up $481 million or 24% on the March 2003 quarter, and up 14% after adjusting for price changes.


The trend for the value of all building work put in place has been rising for 3 years.Statistics NZ said the total for the latest quarter was 11% up on the December quarter, seasonally adjusted.


Residential was up 13% (seasonally adjusted) on the December quarter, with an actual value of $1.687 billion, 30% above the March 2003 quarter and up 20% after adjusting for price changes.


Non-residential work was worth $817 million, up $90 million (12%) on the March 2003 quarter.

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