The number of new dwelling consents issued fell in August, pointing to a cooling in the construction industry.
Monday, October 4th 2004, 9:13AM
by The Landlord
On a seasonally adjusted basis there were 2176 consents issued for new dwelling units in August, down 4.8% from the previous month, according to data released by Statistics New Zealand today.
This was the second month in a row numbers have fallen. A revised 2286 consents were issued in July, down 34.6% on June. Looking at the trend series, which strips out seasonal factors, 2249 building consents were issued in August, down 3.3% on July. This was the seventh consecutive month the trend series has fallen.
But annual totals remained high, with consents for 32,169 new dwelling units issued in the year ended August, up 9% on the year-earlier.
The total number of new dwelling units for the year was the largest total recorded for an August year since 1974.
