Data for building consents in NZ for August 2023
Down 6.7% m/m, previous was -5.4% for the y/y -17%
Commentary from the statistics folks in the NZ government:
“This figure continues the downward trend from the peak of 51,015 in the year ended May 2022,” “However, the number of new homes consented in the year ended August 2023 is still at a higher level than any 12-month period prior to 2021.” NZD/USD little changed, circa 0.5995. Earlier from NZ: RBNZ policy meeting this week – “Shadow Board” recomme…
As we delve into the data for building consents in New Zealand for August 2023, we see a slight decrease of 6.7% month-over-month compared to the previous -5.4% year-over-year decrease of 17%. This trend indicates a slight slowdown in the construction industry in New Zealand.
The commentary from the statistics experts in the NZ government highlights the ongoing decline in building consents since the peak in May 2022. Despite this, the number of new homes consented in the year ended August 2023 remains higher than any period prior to 2021, indicating a relatively stable housing market.
Looking at the NZD/USD exchange rate, we see little change at around 0.5995, reflecting the overall stability in the New Zealand economy. The upcoming RBNZ policy meeting this week and the recommendations from the “Shadow Board” will be crucial in assessing the future direction of the economy.
How will this affect me?
As a resident or investor in New Zealand, the decline in building consents could potentially impact the availability of new housing options. This may lead to increased competition in the housing market, affecting prices and rental rates.
How will this affect the world?
The trends in building consents in New Zealand can have broader implications for the global economy, especially in terms of construction and real estate markets. A slowdown in construction activity in New Zealand could signal a shift in the overall economic outlook, impacting investor confidence and international trade.
Conclusion
In conclusion, the data for building consents in New Zealand for August 2023 showcases a slight decline in activity, signaling potential shifts in the housing market. It will be important to closely monitor upcoming policy decisions and economic indicators to understand the full implications of these trends.
