As with any other market, the construction industry experiences fluctuations galore. But the latest in statistics for building work show that on the whole, 2019 is looking like a pretty good year for construction in New Zealand so far.
Leading the race in the volume of growth in the industry this year to date is the Waikato; $595 million in building work was implemented in the first quarter of the year, a stunning 30.0% increase from the same quarter of 2018. Auckland is hot on their heels, however, with $2.541 billion in building work carried out, bringing in an increase of 25.7%.
Wellington and Canterbury have unfortunately not been privy to such a marked increase in construction. Wellington has followed suit with the plateau it has been experiencing for the past several quarters, having implemented $474 million in building work this quarter, resulting in an increase of just 1.5% compared to Q1 of 2018. Canterbury’s construction industry, which carried out a reasonable $931 million, suffered a minor decrease of 1.0%.
Overall, 2019 seems to be going pretty well for the Kiwi construction industry. But as we know, there’s no way to predict how the tide will turn in the future. This makes investing in a secure future for your business just as vital as ever. Bonded Insurance provides comprehensive specialist insurance broker services. From providing these services, to advising clients on potential risk and recommending the right options for you, Bonded has got you covered. For the top construction insurance brokers in NZ, look no further than Bonded Insurance.