New Zealand: Building permits at highest since April 08 – ANZ

FXStreet (Bali) – Philip Borkin, Senior Economist at ANZ, notes that the number of residential dwelling consents in New Zealand surged 20% m/m in July to the highest level since April 2008.

Key Quotes

The number of residential dwelling consents surged 20% m/m in July to the highest level since April 2008, and follows a period of disappointingly flat issuance.”

“At a compositional level, the gain was led by multi-dwelling units (apartments, townhouses, flats etc), although issuance for houses also rose strongly (+11.6% m/m) to its highest level since August 2007.

“With the gain also led by Auckland, this is exactly the supply response that officials are hoping to see.”

“Conversely, Canterbury issuance looks to have flat-lined as the rebuild shifts into a more mature phase.”

Philip Borkin, Senior Economist at ANZ, notes that the number of residential dwelling consents in New Zealand surged 20% m/m in July to the highest level since April 2008.

(Market News Provided by FXstreet)