Here is the text from Shamubeel Eaqub at Simplicity: 

Building consents are stuck at low levels. Yet another indicator suggesting a winter muddle economically. 

Non-residential building consents have slowed more than residential, which are now comparable to the peak before the GFC. In contrast, non-residential is lower than the trough during the GFC.

All segments of non-residential have been affected. Industrial buildings are least affected (storage is most resilient, rather than factories), whereas tourism accommodation and retail have been harder hit (consistent with tourism not quite back to pre-pandemic levels and a long retail recession).

The construction sector faces mixed signals. Lower interest rates are a strong and powerful positive influence. Slowing net migration is a powerful headwind.

Like many sectors and indicators of the economy, the pluses are being offset by minuses, leading to a winter muddle.

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