Dwelling consent issuance shows signs of plateauing. While it is encouraging to see the rebuild back on track with a furtherrise in dwelling consents issued in Canterbury, residential construction demand continues to slow in Auckland.
StatsNZ estimates earthquake-related consents totalled $62 million in October, $41 million of which was for residentialbuilding work. Since 4 September 2010, earthquake-related consents have totalled $1,345 million. Around the middle of thisyear, there had been a slowdown in dwelling consent issuance in Canterbury, with anecdotes of the rebuild hitting capacityconstraints given the substantial ramp-up in activity. However, the recovery in dwelling consent issuance in the region sinceSeptember suggests the rebuild is back on track: October consents in Canterbury rose 4.8% mom after a 20.4% momincrease in September.
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Commonwealth Bank