NZ data - Q1 construction work surges above expectations

Building work data comes in at +6.2% q/q

• central estimate was +1.1%
• prior revised to +3.4% from 2.7%

Biggest rise in 3years

Says Stats NZ:

• "Growth in building activity this quarter was driven by non-residential construction, including work on social and cultural buildings, offices, and universities,"
• volume of non-residential building activity rose 9.0 percent in the March 2019 quarter compared with the December 2018 quarter
• residential construction volumes rose 4.3 percent

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Unrelated, but sort of - this from Australia earlier:

• Australian Construction PMI (May 2019): 40.4 (prior 42.6)

and

• Australia - S&P data shows problem home loans at their highest level since the aftermath of the GFC

Let me the first, on this occasion, to wheel out the parity bus remark ….