NZ: Building permits for Nov surged 10.8%/mth - TDS

Analysts at TDS note that New Zealand’s building permits for Nov surged by 10.8%/mth from prior –10.4%.

Key Quotes

“Auckland jumped via apartments, and well ahead of the govt’s Kiwibuild program.  Updated CPI weights were released, where food and housing were given higher weights, while health, transport and communication were shaved down.  The revised weights lowered our Q4 CPI forecast to +0.3%/qtr (from +0.4% before the update). The new weights appear to have less implications for policy compared with the Australian update late last year.”