30 Oct 2014

Construction 'headed for golden era'

1:03 pm on 30 October 2014

Minister for Building and Housing says the construction industry is headed for a golden era, worth $100 billion over the next three years.

Construction

The Building and Housing Minister says the construction industry is expected to boom. Photo: Photo NZ

The Government would today release the National Construction Pipeline report which said building and construction activity was expected to reach unprecedented levels, growing by at least 10 percent each year to 2017.

Nick Smith said it forecasted the biggest construction boom the country had seen for decades.

Mr Smith said every region was expected to see growth in construction activity, but Auckland and Christchurch would have the highest levels.

"Of that $100 billion, $52 billion of that is in the residential construction sector, a large portion of which is in Auckland, that's very much needed given the under-investment in housing.

"And the other $48 billion is infrastructure projects through the country."

He said in Auckland, the rapid rate of growth would be driven by residential building, which he said showed the success of the Government's Housing Accord with the city council.

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