Ready-mixed concrete
Ready-mix concrete volumes ease further in December
13 Feb 2024
Our take on the latest Ready-mixed concrete (Tue 13 Feb 2024)
Concrete volumes down 4.6% from Sep 2023 (sa)
Annual concrete volumes down by 11%pa
Weakest national result since Mar 2016 (excl. lockdowns)
The key numbers...
- Annual ready-mixed concrete volumes fell to 4.1m cubic metres in December 2023, down 11% from the December 2022 year.
- On a seasonally adjusted basis, ready-mixed concrete volumes fell 4.6% from the September 2023 quarter, marking two years of consistent declines.
- All regions recorded a quarterly decline in December, for the first time since September 2021. The largest declines were in Gisborne/Hawke’s Bay (-16%), the combined West Coast/Tasman/Nelson/Marlborough area (-9.7%) and Canterbury (-9.3%).
- Ready-mixed concrete volumes produced across New Zealand eased to 7.0% below pre-pandemic levels (average quarterly production in 2019) in the December 2023 quarter. Concrete volumes were below pre-pandemic levels in all areas except Gisborne/Hawkes Bay (up 12%), where activity is easing from a peak but still above normal levels.
Annual concrete volumes edge below pre-pandemic levels
m3, annual running totals, ready-mixed concrete volumes
...and our reaction
- Concrete volumes remain under downward pressure as construction activity slows across New Zealand.
- Consents have been declining consistently across both the residential and non-residential sectors over the past few months, reducing the pipeline of future activity. Sustained population growth and the possibility of earlier interest rate relief have created upside risks to our construction forecasts in the medium-term, but concrete volumes are still expected to continue moderating over the next two years as construction work eases.
- The timing of declines has been mixed across regions. Since mid-2023, the pace of annual declines has eased in Northland and Auckland, possibly due to less wet weather compared to previously. However, declines have worsened notably in Canterbury.
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