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.