House-building consents on the rise
House-building consents continued to rise last month, with non-apartment consents hitting their highest level in more than five years.
Statistics New Zealand figures show 1971 consents were issued in May, including 219 apartments.
This was up 1.3 per cent on the previous month and compounded a 21 per cent gain in April.
Excluding apartments, new dwellings hit their highest monthly number since November 2007, although it was down 0.3 per cent on a seasonally adjusted monthly basis.
Fifty-seven per cent of the consents were in Auckland and Canterbury.
Statistician Blair Cardno said building consents were clearly in recovery, with the trend now 73 per cent higher than its historical low in March 2011.
The trend for all housing was now at similar levels five years ago.
However, "while new housing numbers continue to grow, the trend is still 37 per cent lower than the peak of January 2004", he said.
The value of consents for all work, including commercial buildings and alterations, hit $1.16 billion in May, the highest monthly figure since August 2007, excluding inflation.
The value of all residential buildings climbed 26 per cent over the year to $6.85b.
Non-residential work also had a strong May, with $434 million worth of work approved.
Over the year, the value of consents for non-residential buildings has risen 9.2 per cent to $4b.
The value of earthquake-related consents in Canterbury reached a milestone last month, topping $1b since September 2010.
- © Fairfax NZ News