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New Report Available: Construction in New Zealand - Key Trends and Opportunities to 2018

New Zealand's construction industry recorded a compound annual growth rate (CAGR) of 5.90% during the review period (2009-2013). The industry posted growth of 10.2% and 11.5% in nominal terms, in 2012 and 2013 respectively, due to reconstruction work in the Canterbury region, following earthquakes in 2010 and 2011. The outlook for construction is favorable, as a result of the government's focus on country's infrastructure, commercial and residential construction projects and continuous reconstruction work in the earthquake affected regions. Growth in the oil and gas industry, and government efforts to improve education and healthcare will also support the industry. Consequently, the construction industry's output is expected to record a CAGR of 12.95% over the forecast period (2014-2018).

Report Highlights

 * According to Statistics New Zealand, in real terms, the seasonally adjusted total value of construction works rose from NZD4.0 billion (US$3.3 billion) during the first half of 2013 to NZD4.7 billion (US$3.8 billion) in the first half of 2014. Of the total value, the seasonally adjusted value of residential buildings increased from NZD2.2 billion (US$1.8 billion) in the first half of 2013 to NZD2.7 billion (US$2.2 billion) in the first half of 2014, whereas the value of non-residential buildings increased from NZD1.8 billion (US$1.5 billion) to NZD2.0 billion (US$1.6 billion) during the same period. The total value of building consents issued, increased from NZD8.8 billion (US$7.2 billion) during the first three quarters of 2013 to NZD10.7 billion (US$8.6 billion) during the first three quarters of 2014, while the seasonally adjusted number of new dwellings consents issued rose from 15,290 to 18,109 during the same period. The forecast-period outlook for construction in New Zealand remains positive due to investments in a number of construction projects, initiatives to develop land transport infrastructure, government funds for education and healthcare, and other reconstruction and modernization projects.
 * Following the first earthquake that hit Christchurch in September 2010, the government remains committed towards recovery and reconstruction of the city. A total reconstruction investment of NZD40.0 billion (US$32.1 billion) is expected, with present working day expenditure paid by the government estimated to be around NZD9.0 million (US$7.2 million). More than 200 private building projects, including both residential and commercial projects, are approved or are undergoing construction in the city's four avenues which are Moorhouse, Fitzgerald, Bealey and Deans Avenues. By 2016, the government plans to move 1,700 government agency employees and departments back to Christchurch Central City. Projects, such as the construction of the Justice and Emergency Services precinct - worth NZD300 million (US$241.0 million) - alongside with a housing agreement with Christchurch City Council to support social housing, will strengthen reconstruction activities. Under such initiatives, the government plans to invest NZD15.4 billion (US$12.4 billion) in 2018, towards reconstruction activities in Christchurch.
 * In August 2014, Auckland Council proposed a long-term plan for 2015-2025 which includes an infrastructure strategy and a 10-year budget to help develop the city. The proposed draft plan includes a total capital expenditure of NZD16.3 billion (US$13.1 billion) in seven areas. Investments include NZD6.8 billion (US$5.5 billion) for transport, NZD4.8 billion (US$3.9 billion) for water supply and wastewater, NZD1.3 billion (US$1.0 billion) for parks, community and lifestyle and NZD700.0 million (US$562.2 million) for Auckland's development. This will support the growth of the construction industry over the forecast period.
 * The BNZ-BusinessNZ's seasonally adjusted performance of manufacturing index (PMI), increased from 53.7 in September 2013 to 58.1 in September 2014, indicating an increase in expansion levels. Production increased from 56.5 in September 2013 to 59.3 in September 2014, while new orders increased from 59.2 to 60.0 during the same period. In October 2014, New Zealand joined the WTO's Government Procurement Agreement, which will create opportunities for companies involved in a foreign supply chains. Such developments will help the manufacturing plants category to grow over the forecast period.
 * In 2014, the government awarded NZD20.0 million (US$16.1 million) to 15 technology firms, through Callaghan Innovation's growth grant program. The grants provide 20% of research and development (R&D) expenditure, with an annual limit of NZD5.0 million (US$4.0 million) for a three-year period to eligible firms that invest NZD300,000 (US$240,952.5) annually on R&D and 1.5% of their revenue for two years on research. The government approved growth grants valuing around NZD220.0 million (US$176.7 million) to 65 companies for the period 2014-2016. Such initiatives will attract investors, driving the growth of research facilities over the forecast period.
 * In July 2014, Wellington Gateway Partnership (WGP) and Leighton Contractors Pty Ltd won a bid to construct the Transmission Gully Motorway in partnership with the New Zealand Transport Agency (NZTA). The project, valuing NZD1.0 billion (US$803.2 billion), is the country's first state highway to be built under a public-private partnership (PPP) agreement. Leighton will design and construct the 27km motorway and operate the maintenance contract for 25 years beginning 2020. Such projects will support the growth of the road infrastructure category over the forecast period.

Full Report Details at

Report Scope

This report provides a comprehensive analysis of the construction industry in New Zealand. It provides:

 * Historical (2009-2013) and forecast (2014-2018) valuations of the construction industry in New Zealand using construction output and value-add methods
 * Segmentation by sector (commercial, industrial, infrastructure, institutional and residential) and by project type
 * Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
 * Analysis of key construction industry issues, including regulation, cost management, funding and pricing

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