Making sense of residential construction’s trend

Indicators and anecdotes from the residential construction industry have defied expectations over the last few months. Data for the four months from April to July shows that the total number of new dwelling consents was down just 0.3% from the same period last year, with standalone houses recording a 4.2% drop. In seasonally adjusted terms, the consent total for the three months since the initial lockdown is only marginally below the record high reached in the three months to February this year.