NZ: Building activity fell 3.5% in the March quarter - Westpac

Satish Ranchhod Senior Economist at Westpac, notes that NZ’s building activity fell 3.5% in the March quarter, mainly due to a pull-back in non-residential construction in Auckland.

Key Quotes

“Residential construction also softened in the March quarter.”

“March’s softness in construction activity is likely to be a temporary slowdown. There is a large amount of work planned over the coming years. However, capacity constraints have emerged and cost pressures in the sector are continuing to build. This may provide a brake on activity over the coming years.”