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Source: Reuters -
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New building consent figures point to signs of recovery in house building but show the non-residential sector sinking further into a slump.
Statistics New Zealand (SNZ) figures published on Friday show consents were issued for 1275 new dwellings, excluding apartments, in September.
That is the highest number since July 2008, although just six dwellings above the level of a year ago.
Including the 155 apartment consents last month takes the total for September to 1430, the highest total in a year after apartment consents were an unusually high 366 in September 2008.
The residential building authorised last month was worth $480 million, also the highest for a year.
When seasonally adjusted, the number of new dwellings authorised last month, excluding apartments, was up 2.8% from August.
"Although the level is still low, it is at its highest since August 2008," SNZ said.
The trend for the number of new dwellings authorised, excluding apartments, had risen 23% since March, following a 54% fall between the recent peak in May 2007 and the low in March.
Including apartments, the seasonally adjusted number of new dwellings authorised in September was up 3.3%, with the trend having been rising since January, although the rate of increase had eased in recent months.
For the September year, consents were issued for 13,616 new dwellings, 35% down on the September 2008 year.
The value of non-residential building consents in September was $257m, the lowest monthly value since January 2007, SNZ said.
For the year to September the value of non-residential consents was just $2m up on a year earlier at $4.53 billion.
The value of all consents last month was $737m, 27 percent lower than a year earlier.
