Building recovery seems to have got a push with a significant number of new building consents being issued in August. As many as 1165 new housing units got authority, according to Statistics New Zealand, but just 30 apartment units got required approvals. This is the lowest number that got consent since December 1995, apparently, due to global slowdown.

Collectively, the number of new housing units authorized increased 2.8 per cent apart from apartments. Total residential consents worth $440 million were approved during August, while non- residential buildings worth $384m got the regulatory nod.

Jane Turner, an ASB economist, said that it is due to soft interest rate regime and net increase in migration that slightly pushed consents. Tuner added: "However, the recovery is likely to be comparatively soft with demand remaining under pressure from rising unemployment, slowing income growth and the recent pick up in longer-term interest rates."

She further said that significant consents were received by non-residential buildings which include social, cultural, and religious buildings, besides indoor sports facilities. Non-residential consents too performed well in August despite recession in the economy.