Analysts at Australia and New Zealand Banking Group (ANZ) offer a quick reaction to New Zealand’s Building Permits data released early Asia.
“Residential consents rose in December, after weakness in November. On the whole, there was strong growth through 2019.
Non-residential consents recovered but remain volatile and a little softer than earlier in 2019.
Building activity has pushed higher, but the industry is running up against constraints.
These data are backward looking. While the domestic economic backdrop improved last year, global risks associated with the tragic new coronavirus are now in the foreground.
The human toll is very worrying and the potential economic impacts are highly uncertain.”