New Zealand's seasonally adjusted building consents fell 4.3% month-on-month in July 2026, after a June decline reported as 3.6% in the latest data and 3.7% in the existing record. July marked the fourth monthly decline this year. New dwelling consents in the year ended July were down approximately 17% from the previous year, with standalone houses falling 5.2% and multi-unit dwellings, including apartments and townhouses, declining 3.1%. The figures add to evidence of a weakening construction pipeline amid high interest rates, elevated building costs, labor shortages and subdued housing demand. The sector accounts for around 7% of New Zealand's GDP and employs more than 250,000 people. The latest data also raises concerns about future housing supply and affordability, while economists will watch August approvals for signs that the downturn is stabilizing. The existing record says 3,579 dwellings were approved in July, including 1,769 standalone houses, 1,567 townhouses, 196 apartments and 47 retirement village units.