Our take on the latest Non-residential building consents (Fri 4 Feb 2022)
Value of non-res consents
$768m
In Dec 2021
Consents grew 16%pa in 2021
Public consents grew 42%pa in 2021
The key numbers...
- Non-residential building consents grew 12%pa in December. Annual non-res consents for 2021 totalled $8.2b, 16% more than the value of 2020 consents.
- After adjusting for building cost inflation, the 2021 year was one of the strongest on record for non-residential construction, and it was just below the peak levels of consents reached in the middle of 2019.
- Public consents led the charge during this unpredictable year, growing 42%pa, while 7.2% growth in the value of private consent consents was barely ahead of building cost inflation.
- There has been over a billion dollars of hospital consents in 2021, nearly double the value of 2020.
- Factories and education building consents have also seen strong growth in 2021, up 63% and 22%pa respectively.
- Offices (up 3.7%) and retail (up 3.3%) saw minimal growth in 2021 and are down from 2019 levels.
- The strongest regional performer for non-residential consents was Taranaki, with $348m worth of consents in 2021, which was nearly four times the 2020 value, underpinned by the redevelopment of Taranaki Base Hospital.
- Bay of Plenty, Canterbury, and Hawkes Bay also saw large increases in consent values in 2021, growing 57%, 48%, and 48%pa, respectively.
Public consents boost non-res
Annual running total, $m
...and our reaction
- Non-residential building consents grew remarkably in 2021. However, looking at the build types shows disparities between how different industries are coping with the current business climate.
- Very low interest rates have encouraged opportunists, particularly in factory builds, while the pandemic-induced recession has seen the government progress large-scale public investment in health and education building.
- Accommodation building has been severely hamstrung by uncertainty relating to lockdowns and closed borders. Activity in retail and office building has also been dampened.
- Looking forward, rising interest rates could slow down the number of new building projects, although more clarity on the border situation is encouraging for the tourism 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