New Zealand Building Approvals Tumble 12.2% In September

(RTTNews) - The total number of building permits issued in New Zealand plummeted a seasonally adjusted 12.2 percent on month in September, Statistics New Zealand said on Friday - standing at 1,985.

The headline figure was well shy of forecasts for an increase of 1.0 percent following the flat reading in August.

"The trend for new dwellings was previously at its highest level since August 2007. While it's now easing, the trend is still about 10 percent higher than at the same time last year," business indicators manager Neil Kelly said.

Individually, permits were issued for 1,723 non-apartment dwellings and 262 apartments - including 121 retirement village units.

The regions that consented the most new dwellings were: Canterbury - 579 (including 88 apartments); Auckland - 537 (including 59 apartments); and Wellington - 193 (including 100 apartments).

Almost NZ$1.3 billion of building work was consented in September, with NZ$778 million of residential work and NZ$484 million of non-residential work.

The trend for the number of new dwellings, including apartments, was previously at its highest level since August 2007, but is now showing signs of decreasing, the statistics bureau said.

The trend is up 91 percent from the series minimum in March 2011, but is still 31 percent below the series peak in January 2004.