House-building seen falling 35%
House building forecast slumps by $11b/year by 2025; Wood scraps forced contracting-out model for buses; Services sector sags from post-Covid bounce; China's economy cooling fast
TLDR: Recessionary winds kept blowing today in the global economy and here, with China’s factories reporting shrinking orders and consumers spending less. Here, the main annual forecaster for Aotearoa-NZ’s construction sector saw an $11b a year slump in house-building as higher interest rates and a crash in confidence hammers the growth of new housing s…
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