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

 

Outlook for Christchurch economy remains positive

Tuesday 16 August 2016

Outlook for Christchurch economy remains positive


The outlook for Christchurch’s economy remains positive with high levels of activity being maintained as rebuild activity plateaus.

Economic indicators in Canterbury Development Corporation’s (CDC) latest Christchurch and Canterbury Quarterly Economic Report to June 2016 released today show the economy remains in a transition phase as stimulus from rebuild activity continues to ease.

Canterbury has had an exceptional run with economic indicators well above their historic average levels, but several are now starting to move towards national trends.

CDC Chief Executive Tom Hooper says it is important to focus on the high levels of activity still occurring around the city and region, despite GDP growth levels being lower than recent years.

“The outlook for the city remains encouraging. Construction activity will remain high for some time to come, although it will no longer drive growth in the economy.”

Christchurch’s GDP growth in the year to March 2016 was 0.5 percent, with activity valued at $18.8bn. Similarly, Canterbury’s growth eased to 0.8 percent, with activity at $27.6bn.
Non-residential construction remains steady, at 43 percent of all construction activity in the March 2016 quarter, and will be buoyed by upcoming projects such as the Convention Centre.

The report shows that the local housing market has been relatively cool compared to the rest of the country. Rents have continued to ease to more normal levels, with private sector mean rents at $383 in June 2016 – seven percent lower than June last year. House prices have increased modestly, with a median sale price of $440,000 in Christchurch compared to $500,000 nationally – although the latter is inflated due to heat in the Auckland housing market.

"Lower housing prices combined with modest salary increases, on average, is driving an improvement in housing affordability which is great news for Christchurch," Hooper said.
More detailed forecasts for the economy to the end of 2016 are included in the report.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On Our Weird Ways Of Funding Care For The Dying


National Party leader Judith Collins thinks the government’s traffic light system for emerging from Covid lockdowns is “confusing.” Perhaps she could be looking in the mirror because in recent weeks, National has hardly been a model of crystalline clarity. On RNZ this morning Collins was calling for the scrapping of all vaccine certificates and mandates once we hit 90% double dose vaccination. Yet in recent weeks, Chris Bishop, National’s Covid spokesperson has been indicating that vaccine certificates and employment mandates will be, and should be, part of our new Covid landscape... More>>

Covid-19: Two Cases Notified In Christchurch Last Evening


The Ministry of Health was notified last evening of two positive COVID-19 cases in Christchurch from the same household. One member of the household had recently returned to Christchurch from Auckland. The local public health unit is gathering information from the cases to identify close contacts and exposure events, including any locations of interest... More>>





 
 


Government: Considers Regulatory Safeguards For Three Waters Services
Public feedback is being sought on the regulatory safeguards required to ensure consumers and communities receive three waters services that meet their needs, Commerce and Consumer Affairs Minister, Dr David Clark announced today... More>>


Three Waters: Government To Protect Vital Public Water Services For Future Generations
Local Government Minister Nanaia Mahuta today confirmed the Government will create four publicly owned water entities to ensure every New Zealander has access to affordable, long-lasting drinking, waste and storm water infrastructure... More>>

ALSO:



Government: Responds To Independent Review Into WorkSafe

The Government has clear expectations that WorkSafe must action the recommendations of the independent review into the regulator to improve its management of adventure activities following the tragedy at Whakaari White Island, Workplace Relations and Safety Minister Michael Wood says... More>>



Government: First Step In Managed Isolation Changes; Expanding QFT With Pacific

The Government is starting a phased easing of border restrictions that will see the time spent in an MIQ facility halved for fully vaccinated overseas arrivals from 14 November and home isolation introduced in the first quarter of 2022 at the latest, Chris Hipkins said today... More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels