August was a steady month. Sales kept climbing, arrears edged back down after two small lifts, and fewer businesses went ‘bad’ than a year ago. Over recent months CreditWorks has also added new member data across several sectors, including plumbing and pipe supply, energy and resources, food and beverage manufacture, and joinery. This gives a wider and more complete view of the market, and where it lifts growth rates noticeably, the like-for-like figure is shown alongside the headline.

• Rolling annual sales grew again, with nominal sales up 1.9% month-on-month and 16.4% year-on-year. Adjusted for inflation, sales lifted 1.6% for the month and 12.6% on the year. Roughly a third of annual growth reflects newly acquired data. Like for like, growth would be around 10.3% nominal and 6.7% after inflation.
• Total debt under company debtors was 20.6% higher year-on-year, with fuel-price effects accounting for around 12% of that growth and other sectors also gaining momentum.
• Arrears improved marginally. 60-day-plus arrears eased 2bps to 2.91% (down 89bps year-on-year) and 90-day-plus eased 6bps to 1.61% (down 67bps year-on-year).
• All three main centres improved. Wellington eased 37bps to 4.74%, Christchurch 13bps to 2.92% and Auckland 12bps to 3.13%. The other regions combined rose 20bps to 2.17%, still 3bps below last August.
• The rolling annual volume of winding-up applications rose 2.2% month-on-month and was 17.9% higher year-on-year, a gradual build in insolvency pressure that picked up slightly from July.
• Debtors going ‘bad’ (defaults, judgments and liquidations) fell 0.6% month-on-month on a rolling annual basis and were 1.3% lower than August last year.
• Construction consents softened, with the trend in seasonally adjusted new dwelling consents easing 1.2% in August, though the year-on-year position remains favourable. South Island consents are 45.1% above their December 2019 level, while the North Island is within 1.7% of it.
• Sales growth was strong across every major debtor industry, led by Concrete & Steel (+31.1% year-on-year), Plumbing & Electrical (+23.8%, or around 20.7% like for like), Retail (+22.7%), Food & Beverage (+22.5%) and Manufacturing (+18.5%). Construction grew 10.3%.
• Construction remained the arrears outlier at 5.39% against an overall rate of 2.91%, though it improved 15bps over the month and is 208bps lower than a year ago. Concrete & Steel rose 103bps to 4.46%, largely due to a single Auckland debtor.
• Vendor-side payment behaviour was mixed. Residential Builders paid notably faster, with days sales outstanding down 12.9% to 38.9 days, and Electrical Supply Merchants are 7.0% faster than a year ago. Plumbing DSO lengthened 1.1% to 40.7 days and plumbing merchant 60-day-plus arrears are 61bps higher than last August, so that segment is worth keeping an eye on.

For the full story, including sector-by-sector detail, regional analysis, and vendor payment insights, read our Latest Industry Risk Indicators, October Edition.

March’s data tells an encouraging story, with rolling annual sales surging to their strongest level since before the downturn, arrears falling sharply across most sectors and regions, and winding-up applications continuing to ease year-on-year.

Total debt balances also rose strongly, partly reflecting fuel-price impacts on outstanding balances, though broader trading activity across most vendor sectors also contributed.

• Rolling annual sales hit a new high, with nominal sales up 1.5% month-on-month and 8.7% year-on-year, while inflation-adjusted sales also rose (1.2% MoM, 5.6% YoY), confirming that March’s lift was driven by genuine volume growth, not just price.
• Total debt rose 13.7% year-on-year, partly influenced by fuel-price impacts on outstanding balances, though broader trading activity across most vendor sectors also contributed to the increase.
• Arrears fell sharply across the board, with 60DPD+ down 95bps MoM and 100bps YoY, and 90DPD+ down 39bps MoM and 34bps YoY, one of the more meaningful single-month improvements we’ve seen in recent data.
• Regional arrears improved across all four regions, led by Wellington (-240bps MoM), with Auckland and Christchurch both posting solid improvements. Despite the decline, Wellington continues to sit noticeably higher than the national average.
• Winding-up applications eased significantly, down 43.6% month-on-month and 13.5% year-on-year on a rolling annual basis, a positive signal for insolvency risk across the market.
• ‘Bad’ debtor volumes remain contained, with rolling annual figures up just 0.7% MoM and 3.4% YoY, a modest and slowing rate of deterioration relative to earlier in the cycle.
• New dwelling consents continued their measured recovery, with the smoothed trend rising 2.0% in March. South Island consent growth (+32.8% since Dec-19) continues to significantly outpace the North Island (-9.9%), where activity remains subdued.
• Industry sales growth was broad-based and strong, led by Retail (+16.0% YoY), Food & Beverage (+15.3% YoY), Concrete & Steel (+14.3% YoY), Manufacturing (+12.3% YoY), and Plumbing & Electrical (+11.6% YoY). Construction continued its steady recovery (+2.2% YoY), with Christchurch again the standout regional performer (+18.4% YoY).
• Arrears improved across most industries month-on-month, with Construction (-109bps), Plumbing & Electrical (-159bps), and Manufacturing (-21bps) all easing. Concrete & Steel was the one sector to record a small lift in 60DPD+ (+45bps), though levels remain well below their mid-2025 peak. Retail and Food & Beverage continued to sit at historically low arrears rates.
• Vendor DSO trends were broadly positive, with notable month-on-month improvements across Building Supply Merchants (-5.1%), Electrical Supply Merchants (-10.5%), and Plumbing (-19.7%), all pointing to faster payment cycles and healthier cash flow through the supply chain.

For the full picture, including sector-by-sector detail, regional arrears analysis, and vendor payment trends, download our Latest Industry Risk Indicators, May Edition.

Key takeaways from this month’s data include:

• Rolling annual sales extended their steady recovery, with nominal sales up 0.9% month‑on‑month and 8.4% year‑on‑year, while inflation‑adjusted sales rose 0.6% MoM and 5.3% YoY, comfortably above pre‑downturn levels.

• Total debt under company debtors increased 7.2% year‑on‑year, continuing the growth trend seen through late 2025 and signalling sustained trading activity.

• Arrears remained subdued, with 60‑day‑plus edging up slightly and 90‑day‑plus easing. Wellington led the modest lift, while other regions held steady or improved.

• Winding‑up applications rose 9.8% year‑on‑year, though the rolling annual volume remains well below historical peaks, suggesting manageable insolvency pressure.

• Debtors going ‘bad’ (defaults, judgments, liquidations) were up 3.6% year‑on‑year, but down 1.3% month‑on‑month, indicating a stabilising trend.

• Construction activity continued to strengthen, with new dwelling consents up 2.7% in February, and South Island growth (+28.7% since Dec‑19) still outpacing the North (-9.6%).

• Industry‑level sales remained positive across all major sectors, led by Manufacturing (+12.8% YoY), Concrete & Steel (+11.9% YoY), Retail (+16.3% YoY), and Food & Beverage (+16.4% YoY).

• Arrears trends were generally stable, with Construction still holding the highest rate (7.6%) but easing month‑on‑month. Most other industries saw improvement, except for isolated regional lifts in Wellington.

• Vendor‑side payment behaviour (DSO) improved across most segments, with Building Supply Merchants down 5.2% MoM, Concrete down 14.3% MoM, and Plumbing down 6.3% MoM, reflecting faster payment cycles and healthier cashflow conditions.

For the full story, including sector‑by‑sector detail, regional analysis, and vendor payment insights, read it here:

February’s data reinforces the sense of balance returning to the market, sales growth holding firm, arrears contained, and payment behaviour improving.

As 2026 unfolds, we remain focused on providing clear, actionable insight to help you navigate the year with confidence.

Key takeaways from this month’s data:

• Rolling annual sales opened 2026 on a firmer footing, with both nominal and inflation‑adjusted sales lifting again in January. Nominal sales rose 0.7% MoM and 7.6% YoY, while inflation‑adjusted sales increased 0.5% MoM and 4.7% YoY, returning to levels last seen before the 2022 downturn.

• Total debt for company debtors rose 7.4% year on year, reflecting continued growth in trade credit activity as the new year began.

• Arrears lifted sharply in line with seasonal norms, with 60DPD+ rising 51bps MoM and 90DPD+ up 30bps MoM. Despite this, both measures remain materially lower than a year ago, and Wellington again stood out as the most volatile region with a larger seasonal jump.

• New dwelling consents held steady, with momentum continuing to build across both islands. Rolling annual consents remain strongest in the South Island, up 24.8% since December 2019.

• Across key debtor industries (Construction, Manufacturing, Concrete & Steel, Plumbing & Electrical, Retail, and Food & Beverage) sales trends remain broadly positive, with annual growth strongest in Retail (+15.5% YoY), Food & Beverage (+14.3% YoY) and Manufacturing (+11.8% YoY). Arrears remain generally contained, with risk concentrated in specific regions rather than widespread.

• The rolling annual volume of debtors going ‘bad’ continued to trend higher, up 8.3% year on year, though January saw a small month‑on‑month reprieve.

For the full picture, including industry‑level trends, regional movements, latest arrears and sales insights, you can read the March edition of our Latest Industry Risk Indicators by clicking the button below.

January’s data suggests the year has started with a steadier pulse. Sales are continuing to rebuild, arrears are behaving seasonally but remaining better than a year ago, and construction‑linked activity shows early signs of renewed momentum. As conditions evolve, our focus remains on giving you clear, grounded insights to help you navigate 2026 with confidence and make well‑informed decisions.