The total number of building permits in New Zealand was up a seasonally adjusted 5.7 percent on month in June, Statistics New Zealand said on Monday, standing at 1,277.
That missed forecasts for an increase of 7.3 percent following the 7.1 percent contraction in May.
Excluding apartments, there was a 2.1 percent increase. Earthquake-related consents identified in Canterbury were $45 million, including 27 new dwellings.
On a yearly basis, the value of residential building consents spiked 27 percent to NZ$456 million, while the non-residential consent value rose 7.7 percent to NZ$256 million.
Canterbury had the largest regional increase in new dwellings consented, up to 296 from 133.
"The South Island drove the increase in residential building consents in June," industry and labor statistics manager Blair Cardno said in a release accompanying the data. "In June, the number of new housing approvals in Canterbury more than doubled from a record low one year ago, and increased by over 90 percent in the Otago region."
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Economic News