8 Sep 2009

Building activity falls for sixth quarter

1:45 pm on 8 September 2009

Residential building work is leading a fall in construction activity for the sixth consecutive quarter.

Construction activity fell 4.5% in the three months to the end of June, Statistics New Zealand figure show. Residential activity fell below commercial activity for the first time in 30 years.

The seasonally adjusted volume of residential building work fell 6.5% in the June quarter, while non-residential building work fell 2.5%.

The data is a key indicator for Gross Domestic Product, which ASB economists expect will show a decline of 1% for the second quarter.