The value of residential building work being undertaken slipped slightly to $2.447 billion in the March quarter, down from $2.454 billion in the fourth quarter of last year but still up 10% compared with the first quarter of last year, according to Statistics NZ's quarterly Value of Building Work Survey.
The value of non-residential building work, also slipped slightly to $1.417 billion in the March quarter from $1.485 billion in the December quarter of last year and $1.598 billion in the September quarter.
That took the total value of all building work (residential and non-residential) to $3.864 billion in the March quarter, compared to $3.987 billion in the December quarter and $3..521 billion in the March quarter of last year.
There was a significant decline in building work associated with commercial premises such as shops and offices in the March quarter, which dropped to $467 million from $548 million in the December quarter, $598 million in the September quarter and $538 million in the June quarter of last year.
In Auckland the total value of all building work undertaken in the March quarter dipped to $1.246 billion, its second quarterly decline and its lowest level since the March quarter of last year.
Wellington followed the same trend, with the value of building work slipping for the second quarter in a row to $271 million, but in Canterbury it continued on the upward trend that has been evident since 2011, hitting its highest ever level of $1.083 billion in the March quarter.
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