The seasonally adjusted volume of building work in New Zealand was $7.8 billion in the September 2024 quarter, down 3.2 percent compared with the June 2024 quarter, according to figures released by Stats NZ today.
Residential building work fell 3.5 percent to $4.8 billion and non-residential building work fell 2.8 percent to $2.9 billion over the same period.
"Quarterly residential building activity reached its lowest level in four years, in seasonally adjusted terms," economic indicators spokesperson Michael Heslop said.
Seasonally adjusted volume estimates remove the effects of price changes and typical seasonal patterns.
| Quarter | Total | Residential | Non-residential |
| Sep-19 | 8096752000 | 5243838000 | 2851080000 |
| Dec-19 | 8059976000 | 5318256000 | 2742621000 |
| Mar-20 | 7673926000 | 5038491000 | 2633875000 |
| Jun-20 | 6260547000 | 4220266000 | 2044311000 |
| Sep-20 | 8263631000 | 5582573000 | 2678123000 |
| Dec-20 | 8255636000 | 5752457000 | 2506082000 |
| Mar-21 | 8605385000 | 5962177000 | 2635632000 |
| Jun-21 | 8418083000 | 5871111000 | 2556334000 |
| Sep-21 | 7730771000 | 5354493000 | 2371417000 |
| Dec-21 | 8347019000 | 5710249000 | 2639050000 |
| Mar-22 | 8402677000 | 5829211000 | 2567286000 |
| Jun-22 | 8490328000 | 5855449000 | 2644045000 |
| Sep-22 | 9052649000 | 6115831000 | 2930151000 |
| Dec-22 | 8718337000 | 5859994000 | 2860464000 |
| Mar-23 | 8620735000 | 5649325000 | 2970859000 |
| Jun-23 | 8711251000 | 5650261000 | 3064835000 |
| Sep-23 | 8634216000 | 5638695000 | 2989572000 |
| Dec-23 | 8509809000 | 5389258000 | 3120938000 |
| Mar-24 | 8193059000 | 5169069000 | 3027510000 |
| Jun-24 | 8034358000 | 4999539000 | 3033464000 |
| Sep-24 | 7775431000 | 4825902000 | 2947475000 |
Annual value of building work down 2.6 percent
The value of building work put in place was $35 billion in the year ended September 2024, down 2.6 percent from the year ended September 2023.
Value estimates of building work put in place, in contrast to volume estimates, include changes to building costs over time (such as material and labour costs).
In the past 12 months, the capital goods price index recorded a 3.2 percent increase in non-residential construction prices and a 2.9 percent increase in residential construction prices.
Business price indexes: September 2024 quarter has more information on the capital goods price index.
Annual value of non-residential building work up 6.4 percent
The value of non-residential building work was up 6.4 percent to $13 billion in the year ended September 2024 compared with the year ended September 2023.
The building types that contributed most to this increase were:
- hospitals, nursing homes, and other health buildings, up $4.7 million (up 32 percent compared with the year ended September 2023)
- offices, administration, and public transport buildings, up $2.2 million (up 11 percent)
- factories and industrial buildings, up $1.8 million (up 11 percent).
"The annual value of building work for health buildings, offices, and factories has been increasing steadily for the past three years," Heslop said.
| "Building type" | "Sep-22" | "Sep-23" | "Sep-24" |
| "Offices" | 1589217000 | 1996392000 | 2210980000 |
| "Health" | 1041600000 | 1494312000 | 1965765000 |
| "Education" | 1720047000 | 2033788000 | 1871118000 |
| "Factory" | 1515188000 | 1615633000 | 1796724000 |
| "Storage" | 1491162000 | 1907708000 | 1644949000 |
| "Social" | 837180000 | 1151308000 | 1300905000 |
| "Shops" | 1037875000 | 1067648000 | 1200266000 |
| "Accommodation" | 840406000 | 796571000 | 858942000 |
| "Farm" | 354349000 | 332786000 | 339307000 |
