The number of new dwelling consents dropped back in June but remained well up on where they were 12 months ago.
According to Statistics NZ, 2792 new dwelling consents were issued nationally in June, down 18% from the whopping 3407 consents issued in May, but still up 9.1% compared to June last year.
On an annual basis 32,860 new dwelling consents were issued in the 12 months to June, up 7.9% compared to the previous 12 months, and up 75% compared to the 12 months to June 2013 when just 18,783 new homes were consented.
Compared to May, new consents were down for apartments, stand alone houses and retirement units, but up for townhouses and home units.
In the Auckland region where the need for new housing is most acute, 1001 new homes were consented in June, down 35% compared to May but up 10.5% compared to June last year.
That is about 20% less than is needed just to keep pace with the demand for new housing created by the region's migration-driven population growth.
The Wellington region went against the trend, with 389 homes consented in June, up 54% compared to May, and up 44.6% compared to June last year.
That helped take the number of new homes consented in the Wellington region to a record high of 2781 in the 12 months to June, up 29% on the previous 12 months and a record high for any 12 month period since Statistics NZ's records began in 1991.
There was also a big increase Hamilton, where 156 new dwellings were consented in June, up 35.6% compared to May and up 105% compared to June last year.
Consents in Christchurch followed a similar trend to Auckland, with new dwellings consents in June dropping by 27% compared to May but still up 19.4% compared to June 2017.
The figures also show that the construction industry remains a huge driver in the economy, with the value of new dwelling consents issued in the 12 months to June worth $12.13 billion, up 4.2% compared to the previous 12 months.
On top of that another $2.08 billion worth of structural residential addition and alteration work was consented, up 11.3% on the previous 12 months.
The value of non-residential construction, which includes offices, factories, warehouses, hospitals and schools, also took a dip in June, with $530 million of non-residential work consented, down 19.3% compared to May but up 17.5% compared to May last year.
On an annual basis, the value of all construction work (residential and non-residential) was $21.5 billion in the 12 months to June, up 10.7% compared to the previous 12 months.
The interactive chart below plots the regional trends in new dwelling consents on a month by month basis since October 2002.