The outlook for the infrastructure and building industry points to an easing of investor confidence as the challenges posed by skills and material shortages moderates enthusiasm.
The half-yearly sentiment survey by global engineering and design company, AECOM indicates the number of developers and government organisations, expecting an increase in building investment, has fallen to 52 percent in November, from 89 percent in May.
And about 40 percent of respondents expected infrastructure investment to rise over the next three years, compared with 56 percent in May, particularly in the rail, energy and water sectors.
Managing director of AECOM, John Bridgman, said expectations are now more realistic, given the pressure on resources.
"I think this survey is probably more of a reflection of reality, people are seeing that projects coming to the the market place and their sentiment reflects an easing, but people are still optimistic about the future."
He said as well as the strong markets od Auckland and Christchurch the rest of the country was also performing strongly.