Latest news with #FionaGoodall
NZ Herald
a day ago
- Business
- NZ Herald
Construction sector activity at six-year low, 16,000 jobs lost in past two years alone
But by June this year, that had fallen by 16,000 jobs to 294,000. Construction activity is at a six-year low. Source / NZ Building Construction Sector report 'Job losses during a recession are understandable, but the construction sector is labour-intensive. 'When the recovery comes, labour shortages will become an issue,' the economists wrote. Shamubeel Eaqub, one of the economists who wrote the new report. Photo / NZME Around 100,000 jobs in the sector are related to industries that are highly reliant on trade: architecture, engineering, fabricated metals manufacturing such as roofing, wood products, electronic and electrical equipment in cables, lighting and appliances, and quarrying. Less reliant industries include legal, accounting and banking. They benefit from the construction sector but have a diversified mix of customers. The construction sector downturn had been sharp in the past six years, with falling revenues and rising defaults, the report said. Construction sector employment has dropped in recent times, as shown in this graphic from Stats NZ that appears in a new report on the sector. 'The current downturn has been very challenging for some businesses. Credit defaults in the construction sector increased by 14% annually, and company liquidations have increased by 48%, according to credit bureau Centrix,' the report said. Despite an increase in financial stress and business closures, the number of construction enterprises has only fallen by about 1000 to 81,000. There are 294,000 directly employed in the sector but a further 247,000 work for suppliers. The sector had annual revenues of $94 billion in 2025. Revenue has fallen from last year because of a broader economic slowdown. This has affected workers, owners and suppliers. The construction sector relies on many suppliers, with $65b in annual payments. The number of people pursuing construction-related vocational training has slowed in recent years because of changes in economic conditions, changes in policy settings and increased migration of New Zealanders to Australia. After rising strongly for 12 years, the residential construction sector is suffering a downward correction. Photo / Fiona Goodall 'While we don't have up-to-date statistics, earlier experiences of high migration to Australia show that we may lose up to 8000 construction workers to Australia a year,' the report said. The sector loses 8% of working days to injuries, roughly twice the rate for all industries. There is an increasing trend in the severity of injuries, even though the number of injuries is reducing. Fewer but more severe injuries means longer away from work, the economists noted. 'This has serious business implications, with the injury-related lost hours alone equivalent to $2.2b of wages and profits per year.' WorkSafe has also reported an average of 10 fatalities a year in the sector in the five years to 2024, which has extremely high social and economic costs, they wrote. NZ Chinese Building Industry Association president Frank Xu acknowledged the downturn. But he said he is seeing signs of a change and momentum returning. Building and Construction Industry Training Organisation director Greg Durkin welcomed the report. It broadened understanding of how economic conditions affect the sector, he said. Anne Gibson has been the Herald's property editor for 25 years, written books and covered property extensively here and overseas.
NZ Herald
11-06-2025
- Business
- NZ Herald
Housing market stabilising as mortgage rates ease
Between April and June, 62% of suburbs (1652 out of 2661) recorded flat or rising median values for standalone houses. Photo / Fiona Goodall The national housing market is showing fresh signs of stabilising as mortgage rates ease, according to Cotality NZ. Cotality's Mapping the Market report revealed that the pick-up of standalone houses is beginning to regain ground in many suburbs. Between April and June, 62% of suburbs (1652 out of 2661) recorded
Scotsman
31-05-2025
- General
- Scotsman
Why nations should be big enough to cope with slights like 'please walk on me' flag
Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... According to the Flag Institute, the Union Jack and flags of England, Scotland and Wales should be displayed 'only in a dignified manner' and always flown 'aloft and free'. It is considered 'improper' for a national flag to be turned into a 'table or seat cover', while using them to 'cover a statue, monument or plaque for an unveiling ceremony is discouraged'. So it's hard to imagine what they might make of a flag printed with the words 'please walk on me' and placed on the floor of an art gallery. Before we cause any aneurysms, we should point out that the flag in question was a New Zealand one, this took place in the South Island city of Nelson, and it only lasted 19 days before it was removed following a public uproar. Advertisement Hide Ad Advertisement Hide Ad A New Zealand flag, left, flies alongside two suggested replacements (Picture: Fiona Goodall) | Getty Images
Scotsman
31-05-2025
- General
- Scotsman
Why nations should be big enough to cope with slights like 'please walk on me' flag
Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... According to the Flag Institute, the Union Jack and flags of England, Scotland and Wales should be displayed 'only in a dignified manner' and always flown 'aloft and free'. It is considered 'improper' for a national flag to be turned into a 'table or seat cover', while using them to 'cover a statue, monument or plaque for an unveiling ceremony is discouraged'. So it's hard to imagine what they might make of a flag printed with the words 'please walk on me' and placed on the floor of an art gallery. Before we cause any aneurysms, we should point out that the flag in question was a New Zealand one, this took place in the South Island city of Nelson, and it only lasted 19 days before it was removed following a public uproar. Advertisement Hide Ad Advertisement Hide Ad A New Zealand flag, left, flies alongside two suggested replacements (Picture: Fiona Goodall) | Getty Images
