In the News: GDP figures reveal challenges in the building sector

Statistics NZ has released GDP figures for the December quarter, which show the economy as a whole has grown for the first time in two quarters, although several sectors including building and construction remain sluggish.

There have been green shoots lately that will help the sector, including falling interest rates and government initiatives to introduce a broader range of building products into the market and to reform consenting rules, making it faster and therefore cheaper to build. However, times remain tough for builders in the short term.

NZCB members are better able to survive these market conditions than other builders because their trade qualifications allow them to take on a broader range of work than they would previously consider, allowing them to adapt to the current environment.

NZCB Chair Nick Farrelly, who is also the owner of Edge City Builders spoke to Three News about how his building firm has made such a pivot, taking on a school project. Meanwhile, NZCB Chief Executive Malcolm Fleming spoke to the NBR’s Dollars and Sense programme about how the GDP figures play out in the real world on building sites around the country.

See more here.

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