New Zealand Value of all buildings work for Q2 is a miss at -1.5% q/q
- expected +1.3% q/q, prior +6.2%
The break up sees:
- residential down 0.2% q/q
- non-residential down 3.4% q/q
So, a bit of a wobble (at least, will it get worse?) for this previously supportive sector of the NZ economy. The RBNZ is already with an easing bias, this will support that view. Not an NZD supportive input.
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Q1 gains for this indicator were solid and the underlying trend should continue higher for the balance of this year despite this disappointing Q2 data.
