New Zealand Construction Market Overview
New Zealand's residential construction market is currently contracting, with housing starts of 37K in 2023 — 4% above the 10-year average of 35K.
The country's recorded peak was 51K units in 2021. Current activity is -28% below that peak.
Among the 21 OECD countries tracked, New Zealand ranks #13 by total housing starts. Year-over-year change is -22.2%, reflecting declining permits and reduced construction activity.
For contractors working in New Zealand: A contracting market may create opportunities to negotiate better material pricing or lock in subcontractor rates.