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Low dwelling approvals eased residential construction costs in New Zealand
Posted on July 17, 2023 |
In June, construction costs grew by 0.6%, similar to the 2022 quarter figures.
However, compared to 2021 and 2022, these numbers were lower than the average quarterly gain of 2%.
In 2023, dwelling approvals fell by 10% to less than 46,000, and the existing approvals are higher compared to the post-Global Financial Crisis.
The slowdown in consent lightened some pressure on the construction materials supply chain and also reduced workloads for builders.