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Newmarket bucks gloomy economic sentiment

14 July 2005

Newmarket bucks gloomy economic sentiment

The Newmarket Business Association has today released results of its own business confidence survey. The results put economic optimists in Newmarket in the clear majority, despite economists reporting growing pessimism nationwide.

Newmarket retailers and businesspeople were asked whether they felt more optimistic or less optimistic about doing business in Newmarket in the coming 12 months compared to the past 12 months. Only 14 percent said they felt less optimistic, while 40.8 percent said they felt more optimistic and 45.2 percent said they felt about the same.

"We are told that economic growth is slowing, consumer spending is tailing off, and that business confidence is sliding. Such negative sentiment however has yet to hit Newmarket - the country's premier retail destination," said Cameron Brewer, General Manager of the Newmarket Business Association.

"Newmarket remains upbeat with business confidence and turnovers still strong. Substandard infrastructure is Newmarket's only real negative factor, with the precinct looking increasingly shabby and our footpaths in desperate need of replacement.

"We know the country's manufacturing sector is feeling the pinch but retail spending in Newmarket appears to be holding its own. People are still parting with their pennies thanks to the likes of ongoing growth in the job market, wages and salaries, and the housing market."

Mr Brewer also attributes optimists in Newmarket heavily outweighing pessimists to significant development and growth on the horizon.

"Newmarket businesspeople know that there are some big retail developments planned for the precinct, that more office-based businesses are locating here, and that the council has identified us as a priority place for residential intensification.

"The fact that we've got so much commercial and population growth in front of us helps inspire confidence into Newmarket people. What's more, modern Newmarket is a very mixed-use precinct, meaning our economic base is broader and subsequently more resilient to any dampening economic forecasts," he said.

Mr Brewer said 157 members of the business association had responded to the survey over two weeks. The Newmarket Business Association is Auckland's second largest business association.

ENDS


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