RTTNews - The seasonally adjusted volume of building work done in New Zealand declined 0.7% in the first quarter, after a 6.5% drop in the fourth quarter, the Statistics New Zealand said Tuesday. Building work declined for the fifth consecutive quarter in the March quarter.
During the quarter, the value of residential building work fell 0.3% compared to a 12.4% decline in the preceding quarter. The value of non-residential building work slipped 1.2%, reversing a 1.4% rise in the fourth quarter.
For the year ended March, the value of building work done was NZ$12.1 billion, down 11.1% from the previous year. The value of residential building work fell 20.6%, while that of non-residential building work rose 5.2%.
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