New Zealand Building Consents Sink 9.2% In January

(RTTNews) - The total number of building permits issued in New Zealand fell a seasonally adjusted 9.2 percent on month in January, Statistics New Zealand said on Wednesday - standing at 2,833.

That missed expectations for a decline of 3 percent following the downwardly revised 0.4 percent increase in December (originally 0.6 percent).

Individually, permits were issued for 1,435 stand-alone houses; 1,013 townhouses, flats, and units; 207 apartments; and 178 retirement village units.

By region, the numbers of new dwellings consented in the year ended January 2022 were 20,321 in Auckland (up 19 percent on year); 5,135 in Waikato (up 26 percent); 3,589 in Wellington (up 16 percent); 7,765 in rest of North Island (up 23 percent); 7,817 in Canterbury (up 34 percent); and 4,076 in rest of South Island (up 19 percent).

In the year ended January 2022, the actual number of new dwellings consented was 48,707, up 22 percent from the January 2021 year.

The annual value of non-residential building work consented was NZ$8.2 billion, up 16 percent from the January 2021 year.

In the year ended January 2022, non-residential building consents totaled NZ$8.2 billion, up 16 percent from the year ended January 2021. This series can be influenced by price changes - non-residential construction prices (as measured by the capital goods price index) were up 7.7 percent in the year ended December 2021.

In the year ended January 2022, the non-residential building types with the highest values were: education buildings at NZ$1.4 billion (up 8.1 percent); factories at NZ$1.3 billion (up 53 percent); and storage buildings at NZ$1.1 billion (up 1.8 percent).

Also on Wednesday, Statistics New Zealand said that the country's terms of trade fell 1.0 percent on quarter in the fourth quarter of 2021, missing forecasts for a fall of 0.8 percent after rising 0.7 percent in the three months prior.

Export prices climbed 2.7 percent on quarter, beating expectations for 1.5 percent but slowing from 4.5 percent in the previous three months.

Import prices advanced 3.8 percent on quarter, unchanged from Q3 and surpassing forecasts for 2.3 percent.

Export volumes for goods were flat and import volumes fell 0.9 percent, while export values for goods rose 2.7 percent and import values rose 3.6 percent. The services terms of trade fell 0.9 percent.