Value of building work keeps falling

Results for the September quarter recorded a seventh successive quarterly fall in the value of all building work. Photo / Glenn Jeffrey

Building work has plummeted dramatically from its peak two years ago.

In the three months to September 2007, houses worth $1.4 billion were being built but that sank to $884 million in the three months to September 2009.

All building work was pegged back from $2.3 billion worth of construction in the 2007 quarter to just $1.7 billion in the September 2009 quarter.

Although the latest data is showing an upturn and a recovery in the number of new houses built, Statistics NZ said yesterday the longer-term trend was still down.

The seasonally-adjusted values released yesterday showed the seventh successive quarterly fall in all building work in the latest quarter.

"Recent Statistics NZ building consents released have reported increases in the number of new housing consents issued.

These increases are not reflected in the work put in place for the September 2009 quarter but indicate an intention to build," Statistics NZ said.