New Zealand Building Volume Slides 3.5% In Q1

The total volume of building in New Zealand was down a seasonally adjusted 3.5 percent on quarter in the first three months of 2017, Statistics New Zealand said on Tuesday.

That misses forecasts for a gain of 0.3 percent following the downwardly revised 1.3 percent increase in the previous three months (originally 1.9 percent).

Residential building activity shed 0.8 percent on quarter, while non-residential building activity skidded 7.2 percent.

The value of building work on new homes was NZ$2.7 billion in Q1.

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