Our take on the latest Non-residential building consents (Wed 4 Mar 2020)
Value of non-res consents
$499m
In January 2020
Total non-residential consents ease 0.5%pa in January
Hotel consents grew 140%pa in January
The key numbers...
- Non-residential consents eased 0.5%pa in January 2020, consistent with the trend of little or no growth in activity since mid-2019.
- Declines in retail and office consents were the main reason for an underwhelming result in January, recording 67% and 59%pa falls respectively.
- Auckland performed poorly in January with consents down 32%pa, driven by weakness in retail.
- Consents for hotels in January were valued at $74m, up $43m from January last year, primarily due to a $40m hotel consent in Queenstown.
- Otago recorded a large gain in consent values for January, up $72m from January 2019. Even excluding the new Queenstown hotel, the value of non-residential consents was 192%pa higher than last year.
Value of consents granted
Annual total, $ bn
...and our reaction
- Escalation of the COVID-19 outbreak is likely to unnerve some investors, and the expected easing of non-residential consents throughout 2020 could be exacerbated by the virus’ spread.
- Parts of the economy most at risk from weaker Chinese demand are tourism, export commodities, and international education.
- Auckland’s weak result is concerning considering the impacts of COVID-19 are yet to be felt. Chinese tourism spending makes up nearly 20% of Auckland’s tourism activity.
- COVID-19 boosts the argument for more fiscal stimulus, and any action taken by the government could see stronger public consent growth mitigating any falls that occur in the private sector.
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