New Zealand Housing Construction Slump Highlights Recession Risk
This article is for subscribers only.
New Zealand residential construction slid to a four-year low last quarter, in a further sign the economy may have tipped into another recession.
Spending in constant prices — a measure of volume — fell to NZ$5.2 billion ($3 billion) in the three months through June, Statistics New Zealand said Friday in Wellington. That’s the lowest level since the same period in 2020, when the nation was in a lockdown during the pandemic.