Builders have never been busier, but they're increasingly pessimistic. The Government hopes its reassurances about ending the boom-bust cycle will turn that around, Thomas Coughlan reports.
Brilliance International has been fined $540,000 after pleading guilty to breaking fair trading law by claiming steel mesh met standards that it actually did not.
Sales at Downer EDI's New Zealand division rose 59 percent, benefitting from last year's purchase of parts of the Hawkins Group.
Steel & Tube Holdings, the steel supplier whose shares have lost almost a third of their value this year, plans to raise about $80.9 million to repay debt and strengthen its balance sheet as it restructures its business under new management.
The Government has promised to “take leadership” to bolster confidence in the construction industry, but Thomas Coughlan reports that new state-funded construction projects are few and far between.
Government agencies will be asked to stick more closely to procurement guidelines to support the troubled construction sector, with Infrastructure Minister Shane Jones warning the industry must reset or “contemplate certain death”.
New Zealand residential building consents fell 7.6 percent in June after rising 6.9 percent in May when they were driven by a strong lift in residential building consents in Auckland.
The rate of new home construction is forecast to rise more slowly between now and 2020 than was expected a year ago, although the 2018 National Construction Pipeline Report expects new building consents to break the record set in 2004 this year and keep rising through to 2023. Pattrick Smellie reports.
New Zealand's construction sector is in a period of strong demand, underpinned by an expanding population and tourism activity, but growth is hampered by capacity and financing constraints, according to a report on industry trends.
Construction inflation across New Zealand's main cities is expected to slow in coming years as escalating costs soften demand, according to an industry report.