Residential construction slows in December

(Image: Getty)

Mon, 06 Mar 2023

The volume of residential construction slowed in the December quarter, snapping four quarters of growth. Statistics New Zealand figures show the volume of all work shrank 1.6% in the three months ended Dec 31, due to a 2.6% contraction in residential work. Non-residential work grew 0.4% in the quarter. Westpac economist Satish Ranchhod said the decline in activity surprised him – he’d predicted 1% growth – but that the sector continued to run hot. “We don’t expect a sudden drop off in building activi...

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