Construction Stats: Residential Building Work Declines 2%, Non-Residential Construction Rises | Stats NZ Report

Discover the latest construction trends! Stats NZ's report reveals a 2% drop in residential building work while non-residential construction sees a 3.7% rise. Get insights into the industry's dynamics, costs, and year-over-year growth.

Stats NZ has just released the latest construction data, and here's what it reveals:

📉 Residential Building Work: The volume of residential building work dropped by 2% in the June quarter. This marks the third consecutive quarter of decline. Seasonally adjusted and inflation-adjusted figures show a decrease from $6.169 billion in December 2022 to $5.786 billion in June 2023.

📈 Non-Residential Construction: On the flip side, non-residential construction work has risen once again, with a 3.7% increase in the same period, totaling $3.147 billion.

🏢 Total Building Activity: Overall, the seasonally adjusted volume of total building activity in the June 2023 quarter was $8.943 billion, showing a slight decline of 0.1% compared to the March 2023 quarter.

📊 Yearly Growth: Over the past year, the value of building work put in place reached $37 billion in the year ending June 2023, marking a substantial 22% increase compared to the previous year.

💰 Building Costs: It's worth noting that in the last 12 months, residential construction costs increased by 7.8%, and non-residential construction costs rose by 6.8%. These figures include changes in building costs over time, such as material and labor costs.

These statistics provide a snapshot of the construction industry's current state, showing fluctuations in residential and non-residential building work along with associated cost increases. Stay tuned for more updates on the construction sector's performance! 🏗️📊 #ConstructionStats #BuildingTrends #EconomicUpdate