Non-residential building consents
Office and hospital consents maintain momentum in August
30 Sept 2022
Our take on the latest Non-residential building consents (Fri 30 Sept 2022)
Value of non-res consents
$998m
In August 2022
Non-res consents up 7.0% (seasonally adjusted) from July
Consent values in Northland grew by an average of 51%pa
The key numbers...
- Non-residential consents totalled $9.2b in the year to August 2022, up 14%pa in nominal terms. Our estimate of cost growth in the August year suggests real growth was around 3.8%pa.
- Across New Zealand’s largest cities, non-residential consents are much stronger in Canterbury and Wellington when compared to Auckland. Canterbury consent values were $92m higher in August 2022 compared with a year prior, up an average of 39% over the year to August. In Wellington, consents values were $112m higher compared to August 2021, growing an average of 28%pa over the year. Meanwhile, Auckland consents were $85m lower in August 2022 compared to 2021, with growth only averaging 5%pa over the year, which is particularly low considering building cost growth was approximately 11%pa.
- Consents for offices were particularly strong in August, totalling $245m in the month, up 42%pa in the year to August. The recent strength of office consents is based on momentum in Wellington, with a large $127m office consent issued in the city. A $42m consent for work on Karangahape Station as part of Auckland’s City Rail Link also boosted consents in this category.
- Hospital consents were up $38m in August, with growth of 56%pa over the year. Some of the strong increase in hospital consents is based in Northland, driving strong overall consent growth in the region. August consents in Northland were $41m higher than August 2021, totalling $56m in the August month alone.
Office and hospital consents maintain momentum in August
Building consents issued, average annual % changes
...and our reaction
- Non-residential consents continue to grow in nominal terms, but the level of real growth remains much slower than has generally been the case over the previous two years. Office consents the main driver of growth in August, but office building is generally limited to larger major centres. Wellington looks likely to benefit most from the current momentum in office consents.
- Expectations of major hospital consents are still expected to drive further growth later in the year. Regions set to benefit from the national hospital redevelopment programme will experience higher-than-average consent values.
- Consents numbers in August continue to indicate the non-residential construction sector is less fearful of economic headwinds than the residential sector or is better placed to withstand them. However, ongoing deterioration in the global economic outlook and expectations of further interest rate rises by the Reserve Bank could yet weigh more heavily on construction intentions in coming months.
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