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New data shows building activity is down 2.3% on the last quarter.
Naylor Love Chief Executive Rick Herd blames the drop on a decrease in commercial property activity due to the high cost of building.
He told Mike Hosking that a lot of the private development work that was happening previously is on hold, as developers wait for interest rates to drop.
But the total building value is $9.3 billion, up slightly on the same period last year.
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