In the three months to November 2012 there were 4,800 new residential building consents issued, while the 12-month total for the year ending November 2012 stood at 16,670. , Residential building consents were up 23 percent compared to the12-month percentage change a year earlier.
This growth is being largely driven by an increase in residential building consents in the Canterbury and Nelson regions. However, it should be noted that in both regions, building consents over the previous 12-month period were very low, so this higher figure is off a low base.
Focusing on the Canterbury Region, over the last three months 1,140 residential building consents have been issued. This three month running total has been over the 1,000 mark since July 2012. This steady growth is shown in the figure below.
In the Canterbury Region, if we compare the 12-month percentage change with a year earlier, consents were up 67 percent. This means in the 12 months to November 2012, 3,950 residential building consents were issued. This is similar to the number of consents that were issued in this region in 2008.
The 12-month running total for non-residential building consents sat at 12,840 in November. This means when we compare the last 12 months with the previous 12 month period, non-residential building consents were up 1.7 percent. Looking at the numbers, non-residential building consents have steadily grown from around 12,500 at the beginning of the year to 12,800 in the middle of the year. Not spectacular, but at least since May 2012 these numbers have remained fairly stable.
Looking at the various building categories, the biggest changes over the last 12 months have come from a 10 percent growth in the number of consents for farm buildings and a five percent increase in the number of consents for factories. As shown in the figure, consents for farm buildings and factories were also up when we compare the three months to November with the same period last year. Again, not remarkable but it does indicate that some business investment is occurring, which again points to a certain level of confidence among business owners.