New Zealand to Remove Barriers for Overseas Building Products

📆 4/3/2024 11:53 PM
📰 Investingcom

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New Zealand,Construction,Building Products

New Zealand Prime Minister Christopher Luxon announced that the country will allow construction companies to use overseas building products to lower prices. Building costs have risen by 41% since 2019 due to increased material costs. A plasterboard shortage in 2022 also hindered house building.

New Zealand will remove barriers for construction companies to use overseas building products in a move it hopes will bring down prices, Prime Minister Christopher Luxon said on Thursday. Building costs have increased 41% in New Zealand since 2019 in part due to the increase in the cost of materials.

House building was also curtailed by a shortage of plasterboard in 2022 when Fletcher Building, which produces more than 90% of plasterboard used domestically, could not keep up with demand.

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