Latest economic data shows Hamilton’s star keeps rising
Hamilton’s renaissance and position as one of New Zealand’s fastest-growing cities has been underlined by two new reports released today.
Hamilton’s economic growth in the past year has again been ahead of the New Zealand average, building consents have increased 35%, unemployment has dropped, and the number of businesses in the CBD is the highest for 10 years.
The data is in the July 2019 Housing and Business Economy Growth Indicator Reports, using information sourced from organisations including Stats NZ, Infometrics, Marketview, QV and Hamilton City Council.
The Council’s General Manager City Growth, Jen Baird says the reports show Hamilton’s a city on the rise.
“We know our population is growing, with an estimated 3900 more people last year than the year before, but we’re also seeing this growth translate into economic success. Spending in our CBD is up and we’re also seeing more businesses opening up and more visitors coming,” Ms Baird says.
In the year to 20 March 2019 there was an increase of 25,100 guest nights for visitors to Hamilton, up to a total of 777,234.
“We often think of growth as just new houses and new subdivisions, but it’s also more jobs, more vibrancy in our city and more investment,” Ms Baird says.
The city’s net migration numbers have been positive since 2014 and house values in the city rose an average of 4.7% (or $26,498) in the year to June 2019, a percentage increase more than double the New Zealand average.
Hamilton’s Gross Domestic Product (GDP) for the 12 months to March 2019 is estimated to be $8.2B, compared to $7.9B for the previous year. The 3.1% increase is substantially ahead of the New Zealand average of 2.5%. Hamilton’s GDP growth has bettered the New Zealand average since the end of 2017.
The city’s housing development activity remains strong. 1117 new dwellings received Code Compliance Certificates in the year to the end of June 2019, a rise of almost 5%, while the total number of freehold sections and unit titles consented in the same period was a 10-year high.
Higher-density housing such as townhouses, duplexes and apartments continue to increase. There were almost 1000 new dwellings being built in Hamilton at 1 July 2019; the wider Rototuna area had the largest proportion with 372 dwellings under construction, with the strongest infill in the Hamilton CBD (42).