The rise in building work put in place dipped again in the year to September, as it did in 2015.
It still rose – by 10.4% for all buildings, 13% for residential – but those increases were down from a total 17.3% increase for all construction in 2016 and a 20.2% increase in 2014, and from 19.3% for residential in 2016, 26.2% in 2014.
In current dollar terms, residential work in the 12 months to September was worth $13.6 billion ($12 billion the previous 12 months). Total work was worth $20.93 billion ($18.95 billion in the previous 12 months).
Statistics NZ said the volume trend for all building work was 0.6% below the series peak reached in the September 2016 quarter. (This series began in the December 1989 quarter, so doesn’t include the mid-1970s residential building boom seen in building consent statistics).
For the September quarter, the value of residential work rose 9.7% from a year ago to $3.6 billion ($3.29 billion), and the total rose 6.4% to $5.5 billion ($5.18 billion).
Methodology to change
Statistics NZ said it would raise the value threshold used to determine which building project activity is modelled from consent data, and which activity is surveyed in the quarterly building activity survey, in the December quarter. “This change will reflect recent inflation in construction industry costs. This will not affect any activity already being surveyed, only the data source for new projects being monitored, and will therefore not cause any revisions to historic value of building work put in place statistics.”
Statistics NZ will publish more information about these changes at its next release on the value of building work put in place, for the December quarter, to be published on 7 March.
Attribution: Statistics NZ tables & release.