November 2023 highlights from the Infometrics construction update include:
- Residential consent numbers in the September quarter were down 31% from a year earlier, the fastest rate of decline since 2009.
- The voters’ choice of a National-led government at last month’s election will likely see various policy changes affecting the construction industry. We expect more favourable conditions for residential and infrastructure activity over the medium term. However, weaker economic conditions remain the key determinant of our forecasts of activity during 2024 and 2025, particularly for residential construction.
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Source: Infometrics Construction Quarterly update, November 2023.
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