Construction forecast one of recovery
The sickly house building sector will grow 25 per cent this year compared with last year’s figures and a further 31 per cent in 2013, according to a bank forecast.
While the Christchurch rebuild was taking its time, BNZ economist Craig Ebert said: “We should not confuse frustrations and timing with eventual extent”.
Up to $20 billion in reinsurance and EQC funds were waiting in the wings and only $1b had been drawn down.
“So, as much as we remain guarded about the rate at which Christchurch can and will be re-established, we’re more generally conscious of the broader stimulus yet to come, afforded as it will be by the vast amount of insurance money being mobilised.”
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