Wednesday, 9th December, 2020
Building Activity figures released by StatsNZ last week confirmed that construction activity continued its post-lockdown recovery without skipping a beat. Building work completed over the September quarter lifted a whopping 35% - with residential building activity leading the charge and activity surging to above pre-COVID levels. Strong demand from an on-going need for additional housing continues to support residential construction activity. Earlier this year, when expectations for the economy were grim, we had expected that pending construction plans would be ditched amid heightened economic uncertainty and rising unemployment. However, NZ’s stoic ability to keep calm and carry on proved economists wrong – the NZ economy quickly pulled itself together after lockdown and NZ housing demand is possibly the strongest since the 2006/07 housing boom. Read the full report here.