Building Activity UpdateFriday 10 Aug 2012  US building activityData recently released indicates the US housing bust is over. The volume of housing selling has increasing, as have prices. And the number of existing homes for sale has fallen. Building work commenced on 28% more privately owned homes in May 2012 than in May 2011. Permits were granted for 780,000 new privately owned homes during May 2012. This is a 25% increase on year ago figures. It is also the highest figure recorded for the month of May since the 2008 global financial crisis. Australian building activity Demand for new private housing in Australia remains low. The number of private sector houses approved in May 2012 was less that approved in April. This downward trend has now been present for 29 months. However the number of private sector dwellings not classified as houses did increase in May. Data shows approvals for this type of dwelling have rising 3.4% from a year ago, and the figures are even more significant when seasonally adjusted. New Zealand building activity During May building consents were granted for residential buildings with a combined floor area of 273,000m². This was an increase of 29,000m² on the previous month. The area for which residential permits were granted in May 2012 was 28% higher than in May 2011, and when measured in value terms was 37% higher than a year ago. But the strong figures for residential building consents was tempered by weaker figures for non-residential buildings. The floor area consented for non-residential buildings in May was higher than in April but was 17% lower than in May 2011. Despite the lower floor area of consents issued the value of the proposed non-residential buildings was on a par with the value consented for in May 2011. There are signs that the Christchurch rebuild is beginning to happen. Or rather there is more building activity planned for the Canterbury region. But much of this is planned for the surrounding districts rather than in the actual city. Consents were approved for 351 new buildings in the Canterbury region in May 2012. This was 100 more than in the same month in 2011. Source: www.nzxagri.co.nz/agrifax |
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