Rise in value of building work

The value of all building work put in place rose 2.1 percent in the September 2007 quarter (after removal of
price changes and seasonal fluctuation), Statistics New Zealand said today.

This follows a fall of 0.6 percent in the June 2007 quarter.

Residential building work rose 5.1 percent in value in the September 2007 quarter (after removal of price
changes and seasonal fluctuation), while non-residential building work fell 2.6 percent.

Trend values for all buildings, after removal of price changes, have increased at about 1 percent per quarter
for the last four quarters. Residential building work has risen for the past five quarters while non-residential
building work has declined from the March 2006 quarter high-point.

All building work, in unadjusted values, amounted to $3,587 million in the September 2007 quarter, with
residential and non-residential building work accounting for 64 percent and 36 percent of this value,
respectively.