Analysts at Westpac provide their first impressions of New Zealand’s construction sector activity report for the third quarter.

Key quotes

“Construction activity has continued to charge higher, with the amount of building work put in place rising by 3.8% in the September quarter.” 

“Underlying September’s rise was a 3.1% lift in residential work and a 4.9% increase in non-residential construction.”

“The result was above our forecast for a 1.1% rise, and was also stronger than the average analyst forecast for only 0.8% growth.”