New Zealand's building consents experienced a notable downturn in June 2024, continuing the negative trend observed in the previous month. Data updated on 30 July 2024 revealed that the indicator plummeted to -13.8%, a substantial drop from May's already concerning -1.9%.
This dramatic decline is based on a month-over-month comparison, highlighting the severity of the current construction sector's slowdown. The significant contraction in building consents suggests underlying issues in the real estate market and broader economic factors weighing on developers' confidence.
The continuous decrease in building consents could have wide-reaching implications for the New Zealand economy, potentially affecting job creation and housing supply. Stakeholders and policymakers will need to closely monitor these developments to mitigate further negative impacts.
