New Zealand data shows non-residential building activity down in September quarter. | Forexlive

Data from Stats NZ shows that the seasonally adjusted volume of building activity in New Zealand was $8.6 billion in the September 2023 quarter. This is down 2.4% on the quarter:

• +10% y/y
• volume of non-residential building work was down 5.9% q/q
• volume of residential building work was down 0.6% q/q

From the report:

“The September 2023 quarter marked the first time since the December 2022 quarter that there was a fall in the volume of non-residential building activity,”

NZD/USD little moved by the release. The kiwi $ slumped overnight with the broader move for the US dollar.

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Seasonally adjusted volume estimates remove the effects of price changes and typical seasonal patterns.

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• Source: https://www.forexlive.com/news/new-zealand-data-shows-non-residential-building-activity-down-in-september-quarter-20231204/