Decline in building work surprises
Building work fell 1% in the December quarter, surprising commentators.
Wednesday, March 5th 2014, 12:00AM
by The Landlord
Westpac had expected an increase of 2%.
Its economists said the difference compared to expectations was because of residential work. While it was up 1.1%, it was short of the expectation of a 7% increase that had been based on the increase in building consents over recent months.
But work does seem to be happening where it's needed: House construction in Canterbury was up 6% by value.
Construction is also picking up in Auckland.
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