Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


ChristchurchNZ | Economic Update June 2019 Quarter

ChristchurchNZ has completed a quarterly economic update for the June 2019 quarter, providing an up-to-date picture of the local economy.

As Christchurch’s economic development agency, economic strategy, policy and insight represents an important aspect of our responsibilities for the city.

Read the report here

Growth in the Christchurch economy remained below the national rate for the June 2019 quarter, as the city continues to transition out of the rebuild period.

This underpins the need for a continued effort to attract more business, activity and people to the region and grow productivity and high value jobs. This is essential to replace construction activity as a significant driver of growth.

Topline results from the quarter include:

Christchurch’s real GDP grew by 1.2% in the year to June 2019, compared to a national growth rate of 2.5%.This sustained 0.8% points difference in growth between Christchurch and national economies reflects the impact of declining rebuild activity.

Christchurch’s unemployment rate is 3.8% for June 2019. This rate remains low and is below the national average, suggesting our underlying economy is robust.

Housing affordability in Christchurch remains strong, relative to other New Zealand urban centres thanks to lower residential rents and housing prices, and a steady growth in earnings. As a percentage of income, the cost of housing for Canterbury households continues to be below the national average.

Visitors are spending more in the central city. Central city retail growth, particularly from spenders from outside the city, suggest Christchurch’s central city is an attractive proposition.

Global uncertainty poses a risk to the local and national economies in coming months.

Investor confidence for office and retail property remains low, with high supply and tenant churn in the CBD. There is a risk that further regeneration of the central city could slow and potentially stall in the short term.


© Scoop Media

Business Headlines | Sci-Tech Headlines


$7.5 Billion Surplus: Government Accounts "Show Strong Economy"

“The surplus and low levels of debt show the economy is in good shape. This allows the Government to spend more on infrastructure and make record investments in health and education,” Grant Robertson says. More>>


New OIO Application Trumps Judicial Review: OceanaGold Cleared To Buy Land For Waihi Tailings Expansion

In a surprise turnaround, the government has given OceanaGold a greenlight to buy land to expand its Waihi mine after the application was previously turned down by Land Information Minister Eugenie Sage. More>>


Christchurch Rebuild: Fletcher Sued For $7.5m Over Justice Precinct

Fletcher Building is being sued for $7.5 million by utilities contractor Electrix, one of the subcontractors on the Christchurch Justice and Emergency Services Precinct. More>>

Three New Drugs: PHARMAC Signs Bundle Deal For More Cancer Medicines

420 New Zealanders with lung cancer, breast cancer, multiple sclerosis and respiratory disease will benefit each year from a bundle deal PHARMAC has finalised with a medicine supplier. More>>


"Levels Playing Field": Government Responds To Electricity Price Review

The changes announced today include: • Supporting new and independent retailers by requiring the big power companies to sell into the wholesale market at affordable rates. • Extending discount rates to all customers • A pilot scheme to help customers who have not switched power providers before to shop around for better deals... More>>