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From electricians, brick layers and carpenters, through to architects, engineers and quantity surveyors, the thousands of open jobs are threatening to derail growth. Almost 80 percent of construction companies reported vacancies in 2016, with 58 percent of those saying jobs were hard to fill, according to new data from Statistics New Zealand. Labor pains are already weighing on markets. The country's biggest builder now expects full-year operating earnings of between NZ$610 million and NZ$650 million ($427.42 million and $455.45 million), versus a NZ$720 million to NZ$740 million ($504.5 million and $518.51 million) range forecast just a month ago. Chief Executive Mark Adamson cited spiraling wages and labor-related project delays for the downgrade. "It's the tightness of the market, the availability of subcontractors, and subcontractors obviously pricing to economics 101," he told investors on a conference call. And while the RBNZ stood pat Thursday, citing "extensive geo-political uncertainty," the longer-term outlook is positive, supported in large part by construction. The building boom is a decade in the making, as infrastructure spending increases and house prices climb. "Residential construction is obviously booming," Guy Davidson, director of construction specialists Cobalt Recruitment, told CNBC. "There's a shortfall of about 30,000 to 40,000 homes in Auckland currently and more around New Zealand generally." "Non-residential construction is absolutely booming as well the sector is actually doing precisely double today than it was back in 2011." In 2011, an earthquake killed 185 and leveled large parts of the southern city of Christchurch. Damage to homes and infrastructure was also extensive after a magnitude 7.8 earthquake hit the Kaikoura area last November.
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( OSIS ) today announced that its Security division has been selected to provide screening systems for the Gold Coast 2018 Commonwealth Games which will be held in Queensland, Australia. The Company will provide several products for checkpoint security including its Rapiscan 600 Series Baggage and Parcel Inspection systems, Metor Metal Detectors and Detectra Explosives Trace Detection systems to help secure numerous entry points at the Games. OSI Systems CEO, Deepak Chopra, commented, "We are proud to be chosen for this prestigious international sporting event to help ensure the safety of athletes and spectators. Our total security solutions and unparalleled event security experience are an ideal fit for securing multi-day competitions at large venues." About OSI Systems, Inc. OSI Systems, Inc. is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications in the homeland security, healthcare, defense and aerospace industries. We combine more than 30 years of electronics engineering and manufacturing experience with offices and production facilities in more than a dozen countries to implement a strategy of expansion into selective end product markets. For more information on OSI Systems Inc. or any of its subsidiary companies, visit www.osi-systems.com . News Filter: OSIS-G Safe Harbor Statement: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to OSI Systems current expectations, beliefs, projections and similar expressions concerning matters that are not historical facts and are not guarantees of future performance. Forward-looking statements involve uncertainties, risks, assumptions and contingencies, many of which are outside OSI Systems control that may cause actual results to differ materially from those described in or implied by any forward-looking statements.