“..The construction industry will face a “nosedive into deepening malaise” unless something more is done to kick-start it, an economist says.
The warning by Goldman Sachs JBWere analyst Shamubeel Eaqub comes after latest building consent figures showed the number of residential housing consents hit new lows in November.
Statistics New Zealand yesterday said only 1168 units were authorised during the month – the lowest monthly total since January 1992.
When apartment consents were taken out of the figures the number of new houses authorised fell to 1052 units..
..the lowest level since Statistics New Zealand began monitoring consents in January 1990.
The year to November saw total consents falling 26 per cent to 19,068 –
- the lowest annual total since the April 1994 year.
The trend for the number of new housing consents has now dropped 48 per cent since its peak in June 2007.
Eaqub said the data suggested there would be a major decline in construction activity in the first half of the year..
..with much of the weakness in the residential housing sector..”
go to source/story>>Building sector ‘needs kick-start’ – Business – NZ Herald News
