Timaru District Quarterly economic monitor - March 2020

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Non-residential consents

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Highlights for Timaru District

  • Non-residential building consents to the value of $31 million were issued in Timaru District during the year to March 2020.
  • The value of consents decreased by -36.3% over the year to March 2020. By comparison the value of consents in New Zealand decreased by -0.4% over the same period.
  • Over the last 10 years, consents in Timaru District reached a peak of $58 million in the year to September 2015.

National overview

The value of non-residential consents notched back by 0.4% in the year to March 2020, driven down by a very soft result for the month of March. While COVID-19 will have some influence on March, this represents a broader slowing down of non-residential consents which has been in motion for some time.

With a weak economic outlook due to COVID-19, consents will fall further in future months. Furthermore, previously consented projects in badly hit sectors, such as retail and accommodation, may not proceed. Public sector activity remains strong, and recently announced funding for education and hospital construction may help to shore up overall levels of activity.