The building sector looks like it will become a major casualty of the current economic climate.
New figures from Statistics New Zealand show the number of consents for housing units issued in July was the second lowest monthly total since February 2001 - the lowest was recorded in June.
The financial services organisation Goldman Sachs JBWere is predicting that up to 30,000 jobs could go given the amount of work in the pipeline.
Economist Shamubeel Eaqub says it's difficult to predict exactly how many jobs will go because consent figures don't incorporate infrastructure investment.
Statistics New Zealand says building permits issued in July totalled 1,410 - the second lowest monthly level since February 2001. For the year, new dwelling consents fell 15%.
The total value of residential consents, which includes alterations and additions, fell 28% to $491 million, while non-residential buildings fell 1% to $349 million.
The value of consents for all buildings fell 4% to $11.4 billion in the July year.