In March, New Zealand experienced a slight 0.2% decrease in the total number of building permits issued, settling on 2,931 for the month, according to Statistics New Zealand. This followed a sharp surge in February where permits increased by 15.9%.
The breakdown for March shows that authorities issued permits for a diverse range of housing types. 1,297 permits went to townhouses, flats, and unit constructions, 1,251 were meant for stand-alone houses, 224 were sanctioned for apartment buildings, and 159 for retirement village units.
However, a look at the yearly statistics ending in March 2024 reveals a steeper decline. The total number of new dwellings approved was 35,236, marking a 25 percent drop from the previous year.
As for commercial construction, the annual worth of non-residential building projects consented to in the year ended March 2024 stood at approximately NZ$9.5 billion, reflecting a minor yearly drop of 1.1 percent.