NZ Constructing Consents -5.2% vs 2.four% final month

• Prior month 2.6% revised to 2.four%
• New Zealand October Constructing consents -5.2%

Particulars

Key Info

• Seasonal Tendencies: New dwellings consented decreased by 5.2% in October 2024 (seasonally adjusted), following a 2.four% rise in September 2024.
• Annual Totals:
  • 33,467 new dwellings consented within the yr ended October 2024, a 16% lower from the yr ended October 2023.
  • The annual worth of non-residential constructing work consented was $9.three billion, a three.5% lower from the earlier yr.
• Dwellings per Capita:
  • 6.three new dwellings per 1,000 residents had been consented within the yr ended October 2024, in comparison with 7.6 per 1,000 in October 2023.

New Dwellings Consented in October 2024

A complete of two,850 new dwellings had been consented, comprising:

• 1,363 stand-alone homes
• 1,174 townhouses, flats, and models
• 183 residences
• 130 retirement village models

Month-to-month Variability

• The variety of dwellings consented can fluctuate considerably every month because of the timing of enormous multi-dwelling initiatives, equivalent to townhouses and residence buildings.

New Dwellings Consented Per 1,000 Residents

• 2024 vs. 2023:
  • 6.three dwellings per 1,000 residents within the yr ended October 2024, in comparison with 7.6 per 1,000 in October 2023.
• Historic Context:
  • The report excessive was 13.four dwellings per 1,000 residents within the yr ended December 1973.

Non-Residential Constructing Consents

• Annual Worth:
  • Non-residential constructing consents totaled $9.three billion within the yr ended October 2024, a three.5% lower from October 2023.
  • This lower was partly influenced by rising non-residential development costs, which had been up three.2% within the yr ended September 2024 (as per the capital items value index).
• Prime Non-Residential Constructing Varieties (2024):
  1. Workplaces, Administration, and Public Transport Buildings:
     • Valued at $1.eight billion, a rise of 26%.
  2. Hospitals, Nursing Houses, and Well being Buildings:
     • Valued at $1.four billion, a decline of 6.eight%.
  3. Storage Buildings:
     • Valued at $1.three billion, a decline of 13%.

In New Zealand, a constructing consent is an official approval granted by a Constructing Consent Authority (BCA), sometimes an area council, permitting particular constructing work to proceed on a delegated website. This consent ensures that the proposed development complies with the Constructing Code, confirming that the finished work can be secure, sturdy, and never pose well being dangers to occupants

This text was written by Emma Wang at www.ubaidahsan.com.



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