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BoP/Waikato manufacturers holding up well

BoP/Waikato manufacturers holding up well

Prospects for manufacturers in the Waikato and Bay of Plenty are holding up well according to the Performance of Manufacturing Index, says EMA Waikato chairman Jack Ninnes.

The rate of growth from last month has ebbed slightly to 56 for the Waikato and Bay, back from 60.8 last month, Mr Ninnes said. (A PMI reading above 50 indicates expansion; below 50 decline).

“The slight slowdown in the rate of expansion is no surprise given the fall off in demand from Australia and the high Australian cross rate,” said Mr Ninnes.

“But we are continuing to hear of local expansion of plant and equipment which underpins what we’re seeing in the PMI survey.

“And the PMI’s Production and Employment indices remain high at 60, with New Orders slipping back to 56.

“Manufacturers are reporting an air of optimism, in particular with substantial increases in new dairy processing related projects, and building construction on the increase.”

Ends

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