A report by MBIE stated that the total value of all construction investment in Wellington is expected to increase by 16 percent from $2.4 billion in 2016 to a peak of $2.8 billion in 2019, and then to remain above 2017 levels until the end of 2022. Residential building investment is expected to increase 30 per cent, from $1.2 billion in 2016 to a peak of $1.6 billion in 2021.
New Zealand needs more than 50,000 construction workers by 2022 to keep up with demand.
Projects in the pipeline
Approximately $23.5m has been budgeted over the next 10 years for the extension of the Southern Landfill in Wellington, which has been brought forward because it is expected to reach full capacity in five years.
Residents in the Wellington suburb of Mt Cook brace themselves for years of construction as a new $30 million reservoir gets all-but green lit. Construction could take years and comes on top of another likely development as Housing New Zealand plans to redevelop its Rolleston St flats in Mt Cook.