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Source: ONE News -
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The amount of residential building work fell to an eight-year low in the September quarter as a run of consecutive declines extended to two years.
Figures published by Statistics New Zealand on Tuesday show the seasonally adjusted volume of residential building work fell 5.4% in the quarter, and is now 39.8% lower than in the September 2007 quarter.
For non-residential building work, the seasonally adjusted volume fell 4.3% in the three months to September, following falls in the previous two quarters.
The volume of non-residential building work for the latest quarter was 7.7% lower than that for the December 2008 quarter, Statistics New Zealand says.
For all building work, the seasonally adjusted volume fell 4.9% in the September quarter, the seventh successive quarterly fall.
The unadjusted value of residential building work put in place in the year to September was $5.94 billion, down 25.7% from a year earlier.
Non-residential building work was worth $5.17 billion for the year, down $42 million or 0.8% from the previous year. The largest contributions to the fall were from hospitals and nursing homes, which fell $165 million or 36.4%, and from commercial buildings, which dropped $68 million or 3.9%.
For all building work, the value for the year fell 15.9% to $11.1 billion.
Statistics New Zealand says there were indications in
recent months that more building work was being delayed or put on
hold, although the survey was not designed to measure those
variables.
