In a modest but promising shift, New Zealand's building consents improved in May 2024, reflecting a minor recovery in the housing sector. According to the latest data released on July 1, 2024, the building consents indicator rose to -1.7% for May, up from -2.1% in April.
This month-over-month comparison suggests that while the building consents remain in negative territory, the rate of decline has decreased, signaling a potential stabilization within the industry. The previous month of April had shown a more significant drop of 2.1% compared to March.
Economic analysts see this improvement, slight as it may be, as a positive development amidst broader concerns in the market. Monitoring the building consents figures in the coming months will be crucial for stakeholders anticipating trends in the construction and housing sectors.
