Our take on the latest Non-residential building consents (Tue 31 Mar 2020)
Value of non-res consents
$481m
In February 2020
Total non-residential consents fell 19%pa in February
Retail consents grew 139%pa in February
The key numbers...
- The value of non-residential consents dropped 19%pa in February. Though a sizeable drop, it’s not as large as the 23%pa decline in November 2019.
- Consents in education and warehouse building fell the furthest, down 77% and 67%pa respectively.
- The decline in consents was seen broadly across private and public sectors, with consents falling 18% and 23%pa respectively.
- Auckland had a poor month with consent values declining by 45%pa (or $138m), which was greater than the $114m decline nationwide. Most of Auckland’s decline was driven by weak education building consents in the region.
Value of consents granted
$ million
...and our reaction
- COVID-19 didn’t appear to be affecting investment intentions much in the non-residential space during February, as the decline wasn’t outside our expectations of softening non-residential construction.
- New Zealand’s first confirmed COVID-19 case wasn’t until February 28 and self-isolation restrictions didn’t begin until March 15. The pandemic was still largely seen as China’s issue throughout most of February.
- The delay between consents and code of compliance will be stretched out further now that all construction has been put on hold. Many proposed projects will also be scratched as businesses focus on survival rather than investment, and demand for office and retail space is likely to be significantly negative affected.
- Looking beyond the lockdown, tourism will take a long time to recover, making recent strength in hotel and hostel consents an unfortunate timing.
Latest updates
Premium
Non-residential building consents
Warehouses prevent further non-res falls in June
Mon 3 Aug 2026
Monthly
$701m Value of non-res consents in June 2026
7.4% Total non-res consents from May 2026 (seas adj)37%pa Warehouse consents from June 2025Premium
Non-residential building consents
Non-res consents weaker still in May
Thu 2 Jul 2026
Monthly
$789m Value of non-res consents in May 2026
19% Monthly consents from May 202549% Public sector consents from May 2025Non-residential building consents
Non-res consents mostly softer in April
Wed 3 Jun 2026
Monthly
$655m Value of non-res consents in April 2026
15% Monthly consents from April 2025
Office and education consents at lowest monthly levels in 5-6 yearsNon-residential building consents
Consents strong in March, but shadow of conflict looms
Fri 1 May 2026
Monthly
$862m Value of non-res consents in March 2026
15% Monthly consents from Mar 2025$119m Hostel consents from Mar 2025