Construction work declined again in the June quarter, with seasonally adjusted activity falling 18.7 per cent, Statistics New Zealand said yesterday.
The total value of work on all buildings in the June quarter was $1.75 billion - the lowest quarterly total recorded in the past year.
However, it was 6.2 per cent higher than the total in last year's June quarter, which was $1.64 billion.
Bank of New Zealand chief economist Geoff Mason said the figures were more negative than expected, and made it even less likely that the Reserve Bank would lift interest rates next week.
The seasonally adjusted value of work on all buildings fell 18.7 per cent compared with the previous quarter, largely driven by the decline in residential construction, where the seasonally adjusted value of work fell 24.9 per cent.
The value of work on residential buildings in the June quarter was $1.06 billion - the lowest quarterly total recorded in the past year and reflecting the decline in the value of consents issued, Statistics New Zealand said.
This value of work in the June quarter was down 24.9 per cent on the previous quarter, following a 22.5 per cent increase in the March quarter.
A number of large apartment projects last quarter contributed to the fluctuating results, Statistics New Zealand said.
Non-residential - mainly commercial - construction also declined, but at a lesser rate of 7.2 per cent seasonally adjusted.
The value of work on non-residential buildings in the quarter was $686.5 million, up 9.8 per cent on the same quarter last year.
But the seasonally adjusted value of non-residential buildings was down 7.2 per cent compared with the previous quarter.
- NZPA
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