WELLINGTON, March 6 (Xinhua) -- The total value of building work in New Zealand reached 7.4 billion NZ dollars (about 4.2 billion U.S. dollars) in the fourth quarter of 2024, marking a 4.4 percent decline from the previous quarter, according to Stats NZ on Thursday.

Stats NZ economic indicators spokesperson Michael Heslop noted that building activity volume has been decreasing since its most recent peak in the third quarter of 2022.

In the fourth quarter of 2024, residential building work declined by 4.9 percent to 4.5 billion NZ dollars, its lowest level in over four years, while non-residential building work decreased by 3.1 percent to 2.8 billion NZ dollars, Stats NZ said.

Heslop explained that the decline in residential building activity was due to a decrease in the number of new homes consented over the past two and a half years.

The number of new homes consented reached its highest point in mid-2022 and has been declining ever since. Building consents serve as an early indicator of future construction activity.

The total value of building work completed in the year ending December 2024 was 34 billion NZ dollars, reflecting a 6.4 percent decline compared to the previous year, Stats NZ said, adding that unlike volume estimates, value estimates account for changes in building costs over time, including expenses for materials and labor. (1 NZ dollar equals 0.57 U.S. dollar) Enditem

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