Recently released building consent data for New Zealand shows construction rates have hit an all-time high of NZ$17.8 billion nationwide covering residential, commercial and infrastructure work.
Commenting on the statistics, New Zealand’s Building and Housing Minister, Dr Nick Smith said: “The construction sector is booming, with strong residential and commercial building activity across the country. The level of residential building activity in Auckland of $4.3 billion and nationwide of $11.4 billion is an all-time high in actual and inflation-adjusted terms.
“Statistics New Zealand data shows 28,387 homes were consented in the past year - the highest number in 11 years - and the 9,434 consented in Auckland is continuing the strong growth over the past four years. The 732 for May is also the highest in 11 years.
“The growth in Auckland of 26% in the past year in residential building, to a total of $4.3 billion, is about as fast as a sector can grow.
“This continues the longest and strongest period of growth in residential construction in New Zealand history. We are on track for 85,000 new homes to be built nationwide in this term of Parliament, up from 60,000 last term. Auckland is heading for an all-time record of 36,000 homes - the largest in any Parliamentary term.”