Ready-mixed concrete

Concrete volumes head even lower

12 Aug 2025

Our take on the latest Ready-mixed concrete (Tue 12 Aug 2025)

Concrete volumes in Jun quarter down 5.9% from Mar (sa)

Annual concrete volumes down by 6.0%pa

Annual concrete volumes in Wellington City down by 12%

Ready-mixed concrete volumes fell 5.9% in the June 2025 quarter to 877,000 cubic metres. The steep quarterly decline follows a small 0.6% rise in the March 2025 quarter, which has been revised down from an earlier 1.4% rise.
The June 2025 quarterly volume was the lowest since December 2013 (excluding the lockdown-affected June 2020 quarter, all figures seasonally adjusted).
Annual ready-mixed concrete volumes continued the downward trend which has persisted since volumes peaked at 4.78m cubic metres in September 2022. Annual volumes of 3.70m cubic metres in June were 23% below that peak, and the lowest since September 2014.
Annual ready-mix concrete volumes across all regions have been lower than a year ago for seven consecutive quarters, showing the prolonged and widespread nature of this downturn. The wider Taranaki, Manawatu-Whanganui, Wellington area led the declines (down 11%), followed by Northland (-11%), Waikato/Bay of Plenty (-10%), and West Coast/Tasman/Nelson/Marlborough (-10%). The smallest declines were seen across Otago/Southland (-1.5%), Canterbury (-2.2%), and Gisborne/Hawke’s Bay (-3.5%).
Across the metropolitan areas, Wellington City led declines (-12%), as the annual volumes in the area fell to their lowest since September 2013. The other metro areas have not fallen as sharply, with Canterbury (-3.4%), and Auckland (-2.2%) at their lowest since March 2021.

000m3, annual running totals, ready-mixed concrete volumes

The near-term outlook for construction activity remains soft, which will likely prevent a material change in the trend in concrete volumes over the next few quarters. Employment in the construction industry is down 8.9% from its late-2023 peak, reaffirming that the near-term pipeline of work is limited.
Residential consents have been steady since mid-2024 at around 33,000-34,000pa. There may be some temporary rally in late-2025 to mid-2026 off the back of improving economic conditions, but the case for a sustained rally is over clouded by high property stock for sale, still poor housing affordability and limited rental yields (worsened by recent downward pressure on rents).
Non-residential activity is expected to continue its current downward trajectory, as lower consents since mid-2023 flow through to falling levels of construction activity.
Infrastructure activity provides some upside risk for concrete volumes, with the government focused on progressing major projects heading into the 2026 election. Activity is more likely to show through in 2026 as there currently seems to be a mismatch between intentions and activity in the infrastructure sector.

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