Construction in New Zealand - Key Trends and Opportunities to 2017 - New Report Available

From: Fast Market Research, Inc.
Published: Mon Jan 06 2014

New Zealand's construction industry recorded a CAGR of -1.49% during the review period and valued NZD33.9 billion (US$27.4 billion) in 2012. The construction industry is one of the key industries for New Zealand's economy, contributing more than 4.5% of the country's GDP. The industry also provides employment directly or indirectly to around 170,000 people, accounting for 7% of the country's total workforce. The outlook for construction is positive due to the government's focus on the country's infrastructure and residential construction. The infrastructure and residential construction markets collectively accounted for 74.8% of the total industry's value in 2012. Reconstruction and modernization work, following the 2010 and 2011 earthquakes will support industry growth, with output expected to record a forecast-period CAGR of 8.55%, valuing NZD51.1 billion (US$42.4 billion) in 2017.

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Key Highlights

* According to Statistics New Zealand, the seasonally adjusted total value of building work rose by 16.9% in real terms, from NZD1.7 billion in the second quarter of 2012 to NZD2 billion in the second quarter of 2013. The construction of residential buildings output rose by 17.1% in the second quarter of 2013, compared with the same period in 2012, whereas non-residential buildings output increased by 16.5% during the same period. The forecast-period outlook for construction in New Zealand remains positive due to low interest and unemployment rates, reconstruction and modernization work following the 2011 earthquake, and enhancements in regional and global economic conditions. The government also initiated a number of infrastructure construction projects and the rising demand for housing is expected to encourage investments in residential construction market.
* The Canterbury region of New Zealand was struck by an earthquake in February 2011 and Christchurch, New Zealand's second most populous city, was the worst affected. The earthquake caused damage to infrastructure, consequently reconstruction works is expected to support the infrastructure construction over the forecast period. This is based on, there being an over-demand for construction services in New Zealand; this demand is expected to peak in 2016 and decline thereafter.
* The travel and tourism sector plays a significant role in New Zealand's economy, in terms of its contribution to GDP and employment. According to the World Travel and Tourism Council (WTTC), the tourism sector contributed 14.9% to the total GDP and 19.1% to the total employment in New Zealand in 2012. Tourism is the second-largest earner of foreign exchange in New Zealand. Several recent campaigns, including '100% Middle Earth, 100% Pure New Zealand' and 'Go All the Way', were successful in attracting tourists; tourism sector growth will support leisure and hospitality buildings construction over the forecast period.

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