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20 September 2019

National Construction Pipeline Report 2019 Overview

Akl construction view

This month the 7th National Pipeline Report was released, forecasting both residential and commercial construction for the next five years. Combined it is estimated construction in 2019 will reach ~$31B, peaking in 2021 at ~$35B.

Here is a quick summary of the highlights:

  • Nationwide, an increase from 33,000 consents in 2019 to 38,000 consents per year from 2022 to 2024 (+18%)
  • 61% of this growth will be in Auckland, which will represent 45% of both the value and the total number of residential building consents in 2024
  • Commercial construction to peak in 2021 and then drop 20% by 2024
  • In Auckland, consent volumes will increase 33% from 12,862 to 17,100 consents per year by 2024.
  • Nationwide, multi-units (townhouses, apartments, retirement units) will account for 41% of 2024 volume by number. Consent growth will be driven by this typology, while detached units will remain constant at around 24,000 units per year
  • In Auckland, 58% of the 96,000 dwellings to be consented by 2024 will be multi-unit. Detached unit volumes will again remain flat
  • Total construction value (including infrastructure, as well as residential and commercial construction) will be relatively consistent between 2022 and 2024 at $42b per year. Approximately 64% of this value is in residential, 18% in both non-residential and infrastructure by 2024
  • Compared with last year’s forecast, a peak of 43,000 consents by 2023 has been reduced to 38,000 consents. There has been a reduction in the impact of KiwiBuild on the total number of dwelling consents but this is not quantified

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For more in-depth detail, please download the report

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