'Hard landing': Ministry warns of construction sector woes

Building consents could fall to around 32,000 in 2024. (Image: Getty)

Mon, 05 Feb 2024

With building consents falling below market capacity, the construction sector could be heading for a hard landing, the Ministry of Housing and Urban Development has warned.The ministry made the assessment in its briefing to the incoming minister, which was published a day before Statistics New Zealand released building consent figures showing annual consents had fallen 25% to 37,239 in 2023.In its briefing, the Ministry of Housing and Urban Development (HUD) said consents could fall further to around 32,000 in 2024, which would be the lowest ye...

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