Building activity update
US housing figures for June are again promising for a recovery in the housing crash. Housing starts are up for the 3rd month in a row, reaching 760,000, a level not seen since October 2008. Consents were down 4% on last month’s figures but are still high relative to previous years.
Australian Building Activity
Australian dwelling consents are still low, however have shown slight recovery in the past two months to be just above the five year average. While the approvals are similar to those a year ago they are still considerably below the amounts from 2 years ago.
New Zealand Building Activity
New Zealand building consents by floor area are back this month by 9%. This included the total number of Christchurch consents being back 19% on the previous month. This still indicates that building is on the rise within the Christchurch area with the 3 month average being only slightly below its highest mark since the first earthquake in 2010.
Residential building consents are up in 2012 compared with June 2011 with the largest increase being in Christchurch. Canterbury earthquake related consents totalled $45million for June. This continues to show strong indication that the rebuild is starting to gain traction with consents at $47million in May, up from $28million in March and April. This has also been suggested by the increased demand for structural grade logs in Canterbury this month.
Source: NZX Agrifax, www.nzxagri.com/agrifax
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