New Zealand July Building Consents Up 5.0% On Month

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The number of new housing units authorized for construction in New Zealand increased a seasonally adjusted 5.0 percent in July.

Statistics NZ reported Friday that housing consents reversed the fall of 9.6 percent seen in June.

The agency said the seasonally adjusted number of new housing units excluding apartments increased 11.2 percent, building on the 3.8 percent rise of June and the highest in 10 months.

Statistics NZ said consents were issued for 1,214 new housing units in July, 55 of which were for apartments. It was the lowest figure for apartments since October 2008.

The value of consents issued for residential construction for the month of July 2009 was NZ$442 million while the value of non-residential construction totaled NZ$371 million.

The value of approvals for residential construction for the full year to July 2009 declined 30 percent while the value for non-residential construction was up 7 percent from the July 2008 year.

(Market News Provided by RTTNews)