Non-residential building consents
Slightly better non-res result, but weakness still clear
2 May 2025
Our take on the latest Non-residential building consents (Fri 2 May 2025)
Value of non-res consents
$751m
In March 2025
Education consents total $151m in March
Hospital consents lowest since June 2021 on cost-adjusted basis
The key numbers...
- Non-residential building consents rose in March to be higher than a year ago for the first time since November 2024, with the $751m total value of consents up 11% from March 2024. Despite the annual rise, the total value of consents over the past three months remains significantly lower than the same three-month period in 2024, down 18%.
- The $72m annual rise was driven by a $78m rise in education consents and a $77m rise in office consents relative to a year ago. The $151m of education consents is the strongest result for this build type since May 2023.
- Hotels were another positive with $61m of consents, driven by a $50m consent in Christchurch relating to refurbishment of the old Rydges Hotel on Oxford Terrace. Warehouse consents continued recent momentum, bringing the three-month total to $436m, the strongest result since November 2023.
- At a regional level, results remain mixed. Canterbury has been strong with, consent values higher than a year ago in nine of the past 12 months. Other regions have been weaker, with most of the last 12 months lower than a year ago, particularly in Bay of Plenty (10 out of 12 months), Auckland (nine), and Marlborough (nine). Auckland recorded an annual rise in March for the first time since August 2024, up $52 to $248m.
Clear weakness across non-res consents
Non-residential consents, annual running total, $m
...and our reaction
- Although there were some positive results in March, the trend for non-residential consents remains largely negative, with the annual running total down from a year ago (-7.2%) for the 13th consecutive month. Half of the decline in the annual running total from a year ago is from the Auckland region, exceeding its share of around 38% of nationwide consents, with Auckland’s consents down 9.1% (or $339m).
- Hospital consents in March were at their lowest level since June 2021 on a cost-adjusted basis. Despite confirmation of the scope of work at Dunedin Hospital’s new inpatient building, availability of funding for other hospital projects remains unclear. Weakness in hospital building consents could persist for the foreseeable future.
- This week, the government announced a $1b cut to its operating allowance, and Minister of Finance Nicola Willis described the upcoming budget as “no lolly scramble”. We had previously indicated that the government would want to have evidence of “shovels in the ground” on major projects heading into next year’s election, but the announcement points to a tight rein on spending, potentially limiting public sector non-residential consents.
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 2025Office 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