Timaru District Quarterly economic monitor - March 2020

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Residential consents

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Highlights for Timaru District

  • A total of 55 new residential building consents were issued in Timaru District in the March 2020 quarter, compared with 53 in the same quarter last year.
  • On an annual basis the number of consents in Timaru District decreased by 11.7% compared with the same 12-month period a year ago. The number of consents in New Zealand increased by 9.0% over the same period.

National overview

Residential building consents grew by 9.0% in the year to March 2020, and growth was starting to ease as consents reached a plateau level.

However, due to COVID-19 we expect extreme levels of uncertainty among both businesses and households to drive consents lower throughout the rest of 2020 and 2021. We also believe that some confidence effects are already apparent in data for the month of March.