Building hit a record $7.6 billion in 2004

The inflation-adjusted value of building in 2004 hit a record $7.612 billion for a calendar year, Statistics New Zealand said.

It was up 9 per cent on 2003 although the second half showed a definite sign of slowdown, particularly in residential building.

Residential building was up 6 per cent in 2004 at $4.44 billion while non residential building rose 11 per cent to $3.17 billion.

Residential building in the December quarter fell 4.3 per cent from September to $1.11 billion while non residential building fell 7 per cent to $834.5m.

There was also a fall in residential building in the September quarter after 12 successive quarterly rises.

In the non residential sector, commercial building was the largest contributor with a third of that sector's total.

- NZPA