Welcome to the February edition of our Latest Industry Risk Indicators, sharing how New Zealand’s trade‑related and construction sectors ended 2025. December’s month‑end data points to firmer sales momentum, generally contained arrears, and a few regional pressure points to keep an eye on as we move into 2026.
Key takeaways from this month’s data include:
- Rolling annual sales finished 2025 on a stronger footing, with both nominal and inflation‑adjusted sales lifting again in December. Nominal sales rose 1.3% MoM and 7.4% YoY, and inflation‑adjusted sales also lifted 1.0% MoM and 4.5% YoY.
- Total debt for company debtors rose 11.3% year‑on‑year, reflecting firmer trading activity through late‑2025.
- Arrears were mixed. 60‑day‑plus edged up, 90‑day‑plus eased, and Wellington remained the clear outlier for elevated stress.
- New dwelling consents continued to recover (up 9.0% YoY), particularly in the South Island, and early signs of this momentum are now flowing through into construction‑related sales.
- Across key debtor industries, such as Construction, Manufacturing, Concrete & Steel, Plumbing & Electrical, Retail, and Food & Beverage, sales trends remain broadly positive while arrears are generally contained, with risk concentrated in specific regions rather than widespread.
- The rolling annual volume of debtors going ‘bad’ continued to trend higher, consistent with the gradual lift seen through 2025.
For the full story, including sector‑by‑sector detail and regional analysis, read our Latest Industry Risk Indicators.
As we look ahead, we’re excited about what the new year holds. 2025 closed with signs of recalibration, resilience, and renewed momentum, and we remain committed to providing the insight you need to navigate the new year with confidence. We look forward to supporting you through 2026.
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Please note that due to the vast amount of data required to produce these reports, most of which is accessed from a multitude of external sources, there is an inevitable time delay in their generation. However, we prefer to defer their publication in favour of ensuring greater accuracy.