KEY POINTS:
The number of building consents issued in New Zealand surged last month, pointing to ongoing resilience in the construction sector.
Consents issuance in June was up a seasonally-adjusted 15.8 per cent from the month before - the fastest rise in 18 months, Statistics New Zealand said.
But the number was boosted by apartments. Excluding apartments, consents were up just 1.4 per cent from the month before.
Also, builders are believed to have rushed to lodge their building consents before price rises in many council areas take effect on July 1.
Nonetheless, ANZ said: "Even allowing for such volatility, today's results still enforce a degree of resilience."
There was nothing in yesterday's data to indicate Reserve Bank Governor Alan Bollard could start to think about cutting interest rates.
"While the Reserve Bank is in a watchful stance, the bias to rates remains up and in the absence of some sort of event there is zero scope for an easing in the foreseeable future," ANZ said.
Despite yesterday's high number, economists at Goldman Sachs JBWere said there were "gathering headwinds" for the residential construction sector, with rising interest rates and slowing migration likely to slow consent issuance in the second half of this year.
However, non-residential building consents continued to rise, hitting a total of value of $382 million.
GOING UP
June building consents:
* Up 15.8 per cent from May.
* Up 1.4 per cent excluding apartments.
