Value of Residential Building Work Up 13 Percent

Value of Residential Building Work Up 13 Percent

The seasonally adjusted value of residential building work put in place increased 13 percent in the March 2004 quarter, when compared with the December 2003 quarter, according to Statistics New Zealand. The actual value of residential building work put in place was $1,687 million in the March 2004 quarter, up $392 million (30 percent) when compared with the March 2003 quarter.

The trend for the value of residential building work put in place has been rising since the March 2001 quarter. The value of non-residential building work put in place was $817 million in the March 2004 quarter, up $90 million (12 percent) when compared with the March 2003 quarter.

Commercial buildings made the largest contribution, with $225 million (27 percent) of the non-residential total in the March 2004 quarter. Seasonally adjusted, the value of non-residential building work put in place increased 7 percent from the December 2003 quarter to the March 2004 quarter. The trend has been rising since the March 2003 quarter.

In the March 2004 quarter, the total value of all building work put in place was $2,504 million, up $481 million (24 percent) when compared with the March 2003 quarter. Seasonally adjusted, the value increased 11 percent from the December 2003 quarter to the March 2004 quarter. The trend for the value of all building work put in place has been rising since the March 2001 quarter.

After adjusting for price changes, the value of residential building work put in place increased 20 percent from the March 2003 quarter to the March 2004 quarter. The value of non-residential building work increased 6 percent between the two March quarters, while the value of all building work increased 14 percent over the same period.

Ian Ewing

Acting Government Statistician

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