Building activity returns to 10-year low
Building activity is at another 10-year low, with a drop in commercial building work in the September quarter while housing work was steady at an 18-year low.
Building activity fell 2.3 per cent in the September quarter after adjusting for price and seasonal effects, Statistics New Zealand said.
The latest quarter’s fall again brings building activity to the lowest level in 10 years.
A drop in non-residential building activity led to the latest quarterly fall, while residential building activity was unchanged.
Non-residential building activity has fallen over the latest three quarters, and in the September quarter was at a similar low level as in the December 2009 quarter.