The home building sector in New Zealand is still showing no signs of rebounding in the current economic crisis, according to the latest report from the island nation. Statistics New Zealand reported that in February, 2009, there were 1059 dwellings authorized in the country with 193 of those being apartments. In the same month of 2008 there were 1874 new dwellings authorized.
For the year, February’s number is a 12 percent increase in the seasonally adjusted rate from January, most of which can be attributed to new apartments. In a news release, Statistics New Zealand noted that the data shows the number of new homes authorized has dropped steadily since June of 2007.
According to the agency, “The trend has fallen more than 50 per cent since then and is currently at its lowers level since this series began 17 years ago.”
Analysts expect the building slowdown will extend into the second quarter of 2009.
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