New Zealand – April Building Consents: 1.5% m/m (vs. expected -3.5%)

New Zealand – April Building Consents: 1.5% m/m (vs. expected -3.5%)

• prior was +9.2%, revised from +8.3%

Coming in above expectations, and the kiwi edging higher a little.

From Statistics New Zealand:

• The trend for the number of new dwellings consented is at its highest level since September 2007
• “The trend for new dwellings has doubled since the low point in March 2011, but is still 27 percent below the series peak in January 2004,” business indicators manager Neil Kelly said.
• The large number of apartments caused the seasonally adjusted number of new dwellings consented to rise 1.5 percent. Excluding apartments, the seasonally adjusted number fell 5.2 percent.