New Zealand removes barriers to use of foreign construction products to reduce prices – 04/04/2024

New Zealand removes barriers to use of foreign construction products to reduce prices – 04/04/2024

New Zealand will remove barriers to builders using foreign building products, in the hope of lowering prices, Prime Minister Christopher Luxon said on Thursday.

Construction costs have risen 41% in New Zealand since 2019, partly due to higher material costs.

Homebuilding was also hampered by a gypsum board shortage in 2022 when Fletcher Building, which produces more than 90% of the gypsum board used in the country, was unable to meet demand.

“We expect to see more competition across a range of products,” Luxon said in a press conference.

The government said it will recognize construction products from reliable foreign jurisdictions, allow authorities responsible for certifying new construction to accept the use of products that meet specific foreign standards, and approve construction products certified by reputable foreign systems.

Fletcher Building did not immediately respond to a Reuters request for comment.

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