Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

Growth streak continues for Thames-Coromandel economy


Business activity is ramping up in the Coromandel, creating jobs and helping drive the economy to one of its strongest quarters yet.

Infometrics' latest quarterly report, covering October-December 2017, reveals the Thames-Coromandel economy grew 3.7% in 2017. That compares to GDP growth rates of 2.7% across Waikato and 2.8% for New Zealand overall.

Investment by local businesses is opening up better employment opportunities and our unemployment rate has fallen to its lowest level in ten years at 3% (compared to 4.7% nationally).

Our Mayor Sandra Goudie says job creation is a highlight of the recent report.

"Our council is serious about creating vibrant, strong communities and stimulating economic development; so it's particularly positive to see business activity helping to drive the growth and create jobs in our region," Mayor Sandra says.

"That's why we are here to help our business sector wherever we can. We've recently reviewed our economic development work programme to identify key economic and social projects that tie in with this Government's focus on regional growth and housing and accommodation issues.

"We've also updated our Economic Development Strategy 'Towards 2028' to support entrepreneurs and business people who create jobs by establishing and investing in business on the Coromandel."

Against the backdrop of better employment conditions, local households are spending more, with the value of electronic card spending on retail purchases rising 8.7% over the year.

And new dwelling consents in Thames-Coromandel grew 14% to their highest level in a decade.

"These numbers confirm what we know, that more people are choosing to live and holiday here," Mayor Sandra says.

"It does mean there has been a bigger workload for our building team to keep up with our legislative processing times of 20-working days, which we are meeting."


Strong gains for primary sector businesses

Infometrics senior economist Benje Patterson says many parts of Thames-Coromandel's primary industries are also enjoying strong prices.

In particular, returns are looking up for the forestry and aquaculture sectors.

Dairy farmers are also on track for their second consecutive profitable year, following heavy losses in 2015 and 2016," Mr Patterson says.


Regional tourism spending hits records

A 5.8% lift in visitor spending last year boosted total visitor spending in our region to a record $360m in the year to December 2017 (up from $340m a year ago). Commercial guest nights climbed 5.7% to a record level.

Infometrics warns growth in tourism activity could slow over the next few months, due to storm damage on SH25 Thames Coast Rd following the January storm and king tides.

"Since the January event we have been working with affected businesses and sectors to help get them back on their feet, and to make sure visitors know the Coromandel (and Coromandel Town) is open for business," Mayor Sandra says. "We just hope the next quarterly figures show that the weather event didn't have too hard an impact on our economy."


Highlights: Thames-Coromandel District Quarterly Economic Monitor December 2017

• GDP up 3.7% to $1,075 million for the year to December 2017
• Unemployment rate falls to its lowest rate since 2008 at 3%
• An additional 332 jobs were created - mainly in accommodation and food services, construction, retail and manufacturing
• New dwelling consents grew 14% to the highest level in a decade
• Total visitor spending climbs 5.6% to a record $360m.
• Traffic flows in Thames-Coromandel increased by 7.7% in 2017


More information:

If you want to find out more details on our latest economic quarterly data for our district go to our website page here.

Our Council uses Infometrics to provide industry, regional, and general economic analysis and forecasts, which helps to inform us when we make planning, policy, and strategic decisions.

Dates to diary:

If you are a local business in Thames-Coromandel you might like to attend one of the following events coming up this year:

Tuesday 22 May - Innovation Park - 'Techie's Breakfast' (technology and business breakfast) - hosted by the Thames Business Breakfast Club - at The Club.
Wednesday 8 August - Can Do Business Expo - all businesses invited to encourage Coromandel school children to think of their business as a career option / apprenticeship or traineeship.
Thursday 27 September - Business Awards - news about how to enter will be on our TCDC website soon. Contact:


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Getting To Zero: Challenging But Achievable

Today we released our draft report on how New Zealand should transition to a low-emissions economy. New Zealand has had climate change policies in place for some time but these have not been effective in reducing domestic emissions. For businesses, households, investors and consumers to manage the risks and seize the opportunities of moving to a low-emissions future, change is needed.

“Our report shows that major changes will be needed”, says our Chair, Murray Sherwin, “Emerging technologies are likely to play a large role in facilitating those changes and creating new opportunities for New Zealand. Our inquiry shows that, if credible and stable climate policy can be established now, businesses, households and consumers will be better able to plan for change and manage the risks of moving to a low-emissions economy.” More>>

 

Gordon Campbell: On The Perils Of Using PPPs To Meet Auckland’s Roading Needs

Earlier today, Transport Minister Phil Twyford announced that one of two new roads that the government would be co-financing would be a PPP – namely, the Penlink project that will link the northern motorway to the Whangaparaoa Peninsula. More>>

ALSO:

PM's Europe Trip: CHOGM & Bilateral Meetings

Prime Minister Jacinda Ardern is in Europe for the Commonwealth Heads of Government Meeting (CHOGM) in London and meetings with counterparts in Paris and Berlin. More>>

ALSO:

Gordon Campbell: On Thompson + Clark & Russia’s World Cup

Daily, the coalition government keeps running into examples of the toxic legacy left behind by National – and just as regularly, even the simple fixes are proving stubbornly difficult to enact. Take the case of the security firm Thompson + Clark ... More>>

ALSO:


HiveMind: Fair Enough? How Should New Zealanders Be Taxed?

Have Your Say - Scoop and PEP invite you to share your issues, ideas and perspectives on the NZ tax system with other New Zealanders using Scoop’s HiveMind tool. This Tax HiveMind is intended to complement and feed into the review being run by the Government-appointed Tax Working Group (TWG), which is looking at the fairness, balance and structure of the tax system with a 10-year time horizon. More>>

ALSO:

Addressing Climate Change: No New Offshore Exploration Permits

The Coalition Government is taking an important step to address climate change and create a clean, green and sustainable future for New Zealand, Prime Minister Jacinda Ardern announced today. More>>

ALSO:


 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages