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Wellington economy healthy and growing: report

Wellington economy healthy and growing: report

Wellington City’s economy is in good heart – as evidenced by the findings of the Infometrics quarterly economic monitor for the year to December 2017.

Councillor Simon Marsh, Wellington City Council’s Economic Development Portfolio Leader, says the city’s economy is continuing to grow steadily. It grew by 2.1% for the year to December compared to 1.8% reported in the September 2017 quarter.

Cr Marsh says other good news from the Infometrics report includes:
• The city experienced a gain in permanent and long-term migration of 2915 persons in the year to December. This is similar to the figure reported in the September quarter.
• The unemployment rate was 4.2% in the quarter - down from 4.6% reported in the September quarter.
• Jobseeker Support recipients decreased by 7.5% in the year to December compared with the previous year.
• Guest nights increased by 1.1% in the year to December.
• Vehicle sales in Wellington performed well, particularly commercial vehicles. Registrations for commercials rose by 22% in the December 2017 year, above the national average of 16%.

Cr Marsh says the city economy faced challenges in the aftermath of the 2016 Kaikoura earthquake. This included restrictions on car parking capacity due to damage to commercial parking buildings and reductions in foot traffic in the CBD as large numbers of people were required to work from home or shift offices.

“However retailers, hospo people and business owners in the CBD tell me that this year has got off to a very healthy start compared to the beginning of 2017 – our brilliant summer weather has also certainly helped things along.”

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