Building work in place across the country grew 0.5% for the quarter to September, with gains in residential building offset by a decline in commercial work.
Canterbury residential building appeared to have a hit a peak and was flat, ASB senior economist Jane Turner said, but commercial activity in the region could offset residential declines until it, too, peaked in early 2016.
''While Canterbury rebuild activity appears to be peaking, construction demand throughout the rest of the country is expected to continue growing, supported by low interest rates and strong population growth,'' Mrs Turner said.
SNZ's business indicators manager Neil Kelly said the value of building work increased in most regions.
''Similar to last quarter, residential work grew most in Auckland, while non-residential work grew most in Canterbury,'' he said.
In Auckland, $943million worth of residential building work was recorded in the September 2015 quarter, up $107million from a year ago.
''The current quarter's value is double what it was four years ago in the September 2011 quarter,'' Mr Kelly said.
Mrs Turner said Waikato was the ''standout performer'' for the quarter, with the value of total building activity lifting 11%.
''Construction activity in the Waikato had been relatively subdued over late 2014 and early 2015, but now appears to be catching up with Auckland's momentum,'' she said.
Canterbury's quarterly gain was 0.1% overall, as was ''the rest of the South Island''.
''The level of construction in Canterbury is likely to be currently at a peak . . . we expect that non-residential construction will also peak in early 2016,'' she said.
Building activity
In the quarter to September
Total: $4.24billion.
Residential: up 2.9%, at $2.63billion.
Commercial: down 2.6%, at $1.60billion. 60% of all work in Auckland and Christchurch.
Auckland: $1.40billion.
Canterbury: $1.14billion.
Source: Statistics New Zealand
