House building hits rock bottom

House building activity hit its lowest ever recorded level in January.

Statistics New Zealand said that just 812 dwelling units, including apartments, were authorised for construction during the month. That’s the lowest number since SNZ started recording the figures in 1965.

On a seasonally adjusted basis, the number of approvals plunged 8.2 percent in the month.

The figures, which point to future building activity, have been falling substantially since the housing boom started running out of steam in mid-2007.

Today’s latest figures will be likely to put further pressure on job numbers in the building industry. Economists have previously suggested there are many thousands too many people in the industry now relative to the amount of activity.

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