Dunedin economy on an even keel
(Dunedin, 22 August 2019) - A steadily growing economy and marked growth in the housing market underscore Dunedin’s continuing positive trends in many areas.
Dunedin’s GDP has increased 2.3% over the June 2019 year and the unemployment rate dropped to 6.0% from 6.6% the previous year, despite softening national growth expectations.
Dunedin City Council’s Enterprise Dunedin Director, John Christie, says, “We’re happy with the steady performance of Dunedin’s economy. It’s giving us a firm base to build on when planning for the major projects occurring here in the next decade or so.
“While the relatively high level of unemployment is a concern, we are heartened by the number of new job opportunities being created in the city and look forward to continuing decreases in our unemployment rate moving forward.”
Average house values in the Dunedin market grew by a substantial 12.1% in the June 2019 year, reaching $447,000. The number of houses sold grew by 1.9%, while national sales eased backwards by 0.9%.
Mr Christie says, “While it’s good to see a robust local housing market, where we’re catching up with property values in the rest of the country, it does place pressure on the city’s affordable housing supply. This underscores the importance of the work the council is doing to address shortages. We need to bear in mind current need and the future demand from workers coming into the city for the new Dunedin Hospital build and other projects occurring over the next decade.”
Income from Dunedin tourism has grown year on year since 2010. The 12 months to June saw a 2% tourist expenditure increase to $771m, up from $756m the year before.
While guest nights were down 3.5% as compared to the same period the previous year, large-scale events in 2018 such as the Ed Sheeran concert weekend and All Blacks match would likely have contributed to these results.
See the full report here: https://ecoprofile.infometrics.co.nz/Dunedin+City/QuarterlyEconomicMonitor