Non-residential value nears all-time high

Non-residential building volume continues to increase and currently sits just 1.3% off the series high, set in the March 2006 quarter 

Seasonally adjusted, the volume of non-residential building activity increased 2.5% in the June quarter. The increase is also reflected in the rising value of non-residential work; for the June quarter, the unadjusted value of non-residential building increased 12% to $1,431 million compared to the same period last year. Seasonally adjusted, the value of non-residential work grew 3.1% compared to the March quarter. The top three contributors were:

• Commercial buildings: $512m.
• Miscellaneous buildings: $389m.
• Education buildings: $175m.

The increase was largely driven by the Canterbury rebuild. The seasonally adjusted value of non-residential building in the region was up 15%, compared to a 5.3% increase across the rest of the country.

Nationally, the volume of residential building activity was unchanged. In Canterbury, the seasonally adjusted value of residential building work increased 0.3%. The overall volume trend has been rising for the last 11 quarters and is only 0.7% lower than the June 2005 quarter series high.