Building And Construction In Asia Pacific > Report > New Zealand
Total construction activity took a step back in Q3 2021, declining 7.2% y/y. While we expected activity to taper a little with the re-imposition of lockdown measure, an upward revision in historical data for civil engineering activity exacerbated the decline. Activity is expected to push ahead over Q4, which will see total construction work done grow 6.4% in 2021 (down from a previous +7.2%) and 7.4% in 2022. However, there remain downside risks to this profile given the emerging Omicron Covid variant and current supply side issues. Activity is forecast to normalise, declining 1.0% pa over the three years to 2025.
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