Wellington Property Investors' Association

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29-08-2012

Construction work picks up pace

Landlords.co.nz

Nearly a billion dollars’ worth of building consents was approved in Canterbury in the first half of 2012, quickly approaching the 1.2 billion consented over the whole of last year.

Non-residential building is noticeably starting to pick up pace. Of the consents in the first half of 2012, $404 million was for non-residential building work.

Residential work has been slower to pick up and activity is still below pre-quake levels.

The data comes from a Statistics New Zealand report out today, which said the rebuilding was largely being funded by insurance claims.

New Zealand insurance companies had made $15.7 billion worth of claims on overseas reinsurers for all the Canterbury earthquakes.

As at March 31 2012, about a quarter of these claims had been settled with overseas reinsurers.

Statistics NZ said there were $11.9 billion worth of claims outstanding.

In addition, at least $4 billion of insurance claims have been made on the Earthquake Commission over and above the international claims.

Source: Landlords.co.nz

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