Building approvals reached a record $2 billion in March 2017, boosted by new homes and several significant non-residential projects, says Stats NZ. This figure was up 37% compared with March 2016.
The $2 billion of planned building work comprised of $1.2 billion for new homes and residential alterations and $837 million for offices, hotels, hospitals, shops, and other non-residential buildings.
“Consent for the Park Hyatt Hotel in Auckland helped boost the value of non-residential consents to its highest-ever level,” says business indicators senior manager Neil Kelly.
“This month’s spike in commercial consents shows there’s still quite a bit of building work in the pipeline.”
The $837 million of planned non-residential building work included: $191 million for offices, administration, and public transport buildings (up $92 million from March 2016).
In addition, there is $167 million for hotels, motels, and other short-term accommodation (up $141 million) and $104 million for hospitals, nursing homes, and other health buildings (up $68 million) plus $102 million for shops, restaurants, and bars (up $61 million).
In March 2017, the seasonally adjusted number of new homes consented fell 1.8% from February, when the number surged 17%.
In actual terms, a total of 2,779 new homes were consented, up 20% compared with March 2016.
Over the 12 months to March, 30,626 new homes were consented, up 10 percent from the previous March year. This included 10,199 new homes in Auckland.
The value of non-residential consents in March was $837 million (up by $377 million from March 2016).
