CONTENTS

1. Executive summary
2. Recent trends in construction employment
   1. Overview of construction employment
   2. How has employment been affected by the fall in construction activity?
   3. Impact of the downturn on construction apprentices
3. The outlook for construction activity and employment
   1. Value of building consents
   2. Number of residential building consents
   3. Implications for construction employment
4. Business opinion in the construction sectors
   1. The Quarterly Survey of Business Opinion (QSBO), June 2009
   2. The National Bank Business Outlook (NBBO), August 2009
   3. How do the latest outlooks stack up against the leading indicators?
5. Concluding remarks
6. Appendix
   1. Additional tables and charts
   2. Property sales
   3. Migration
   4. The broader economy
   5. Property market outlooks