Photo: 123RF
Building consents have sunk to their lowest level in 5 years - despite a huge need for new homes- and more construction firms are going to the wall.
Over 100 construction companies have collapsed in the first two months of this year- according to the credit bureaux Centrix - up 21% on the same period last year.
Over a quarter of all liquidations so far this year have come from the building sector.
Stats NZ says the number of new dwelling consents issued in the year to the end of January was down 26.3% compared to the previous 12 months - just over 13,000 fewer consents issued.
The biggest decline was in Tasman District where new dwelling consents were down 45.8% followed by the Wellington Region down 40.6%. Meanwhile net migration hit a record 133,800 last year.
Kathryn speaks with Keith McLaughlin, Managing Director of the credit bureau Centrix and Peter Cooney - director of Classic Group, which includes Classic Builders - one of the country's largest residential building firms.
