Data from Stats NZ shows that the seasonally adjusted volume of building activity in New Zealand was $8.6 billion in the September 2023 quarter. This is down 2.4% on the quarter:
- +10% y/y
- volume of non-residential building work was down 5.9% q/q
- volume of residential building work was down 0.6% q/q
From the report:
“The September 2023 quarter marked the first time since the December 2022 quarter that there was a fall in the volume of non-residential building activity,”
NZD/USD little moved by the release. The kiwi $ slumped overnight with the broader move for the US dollar.
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Seasonally adjusted volume estimates remove the effects of price changes and typical seasonal patterns.
