Building consents surge

The number of new dwellings authorised in October was at its highest level in 15 months, when volatile apartment numbers are excluded.

The figures published today by Statistics New Zealand (SNZ) suggest the construction sector is continuing to claw its way out from the depths of the building downturn.

The October data shows consents were issued for 1321 new dwellings, excluding apartments, during the month. That was up from the low of 745 in January and the highest number since July 2008.

Of the 103 new apartment units authorised last month, 75 were for assisted-living apartments associated with retirement villages, SNZ said.

Seasonally adjusted, the number of new dwellings authorised last month was 11.2 percent higher than September, when apartments are excluded. It is at its highest level since June 2008, and has now risen for five consecutive months.

The trend for the number of new dwellings authorised, excluding apartments, had risen 34 percent since March, SNZ said.

Residential consents issued in October were worth $481 million, 9.5 percent above the value a year earlier.

The value of non-residential building consents fell 5.6 percent from a year earlier to $329m last month, while the value of consents for all buildings was up 2.8 percent to $810m.

For the year to October, the total value of consents for all buildings was $9.49 billion, down 14 percent from a year earlier.

The value of residential buildings for the year was down 24 percent to $4.98b and for non-residential buildings it was up 0.9 percent to $4.51b.

NZPA