New Zealand’s new building consents rose to a five-year high last month as new apartments and retirement village units added to the weight of pending construction permits.
Building consents climbed 43 percent to 1755 in April from the same month a year earlier, the most in a month since April 2008, according to Statistics New Zealand.
Seasonally adjusted, residential consents rose 19 percent to 1779 last month. Stripping out the typically volatile apartment season, consents were still up a seasonally adjusted 13 percent to 1603.
Consents were up across all of the major centres, with Hawke’s Bay the only region to issue fewer new dwelling permits compared to April 2012.
Some 17,922 new dwellings have been issued building consents in the 12 months ended April 31, worth $6.66 billion. That’s 21 percent more consents issued than a year earlier, at a 26 percent greater value.