4  BIS central bankers’ speeches  to be developed and houses built. Nonetheless, the accord is an important step forward in helping to alleviate the Auckland housing shortage. Pressures on construction As more new homes are built in Auckland, this will create construction jobs and contribute to economic growth.
However, this new building will occur at the same time as the Canterbury rebuild is taking place, creating significant resource pressures in the national construction industry. Figure 5 shows the amount of new dwellings that might be built over the coming three years if accord targets were fully met and 12,000 new homes were built in Canterbury over the same period.