Andrew Callagher

She's just got daddy.

Very good morning, Heather.

Oh, very interesting.

Hey, before we do that, though, congratulations.

Oh, thank you.

Broadcaster of the Year.

Gee, your pool room at your place must be busting with awards.

There won't be any room left.

Yesterday, we talked about building consents yesterday morning.

And yesterday during the day, we got these numbers out on building work put in place.

And it sort of provides, I suppose, the foil or the riposte, or it sort of refers to the ebb and flow of the construction centre.

Consents, they're the intent of

for people to do work.

The work put in place numbers that we get out of Stats New Zealand, that's the actual execution in the sector.

And yesterday, I commented on the improving trend in consents that we've seen since the middle of last year.

But now we're seeing quite a different story being painted in the first quarter, building work put in place numbers.

And before I sort of look into that in detail, you've got to acknowledge that there's a big lag though between consents and the actual execution.

So you can't compare these numbers

You can't compare these numbers directly on a timing point of view, because what happens in the consents will see that impact on the building work put in place in the months ahead, or maybe even in the years ahead.

But anyway, just looking at the numbers, seasonally adjusted total building volume...