Residential building activity near to 20-year low

Figures from Statistics New Zealand (SNZ) revealed overall building activity is at its lowest level for a decade, with the amount of building work falling 6.6% in the June 2011 quarter, led by a fall in residential building work.

This follows a similar fall in the March quarter, which was led by a drop in non-residential building activity.

The falls come as the number of new homes approved also hit a record low earlier this year.

Non-residential building activity fell slightly in the June quarter, down 1.4%, following a fall of 10% in the previous quarter.