Auckland, Canterbury post fastest regional growth
Auckland and Canterbury ranked fastest growing regions: Main Report
Nov 26. (BusinessWire) - Auckland and Canterbury have been ranked as the fastest-growing regions in New Zealand, according to an ASB study commissioned by the Main Report.
The NZ Regional Economic Scoreboard ranks the economic performance of 16 regional council areas based on employment, construction, retail trade and house prices.
Auckland, with a 32% share of the nation’s economy, saw increases in house prices (1.9%), retail spending (6%) and employment (1%). Canterbury, with a 15.2% share, posted a 5% gain in retail spending and a 0.8% increase in house prices.
Employment across New Zealand has continued to be affected by the recession, down 1% versus the same period in 2008. Housing is leading the way to recovery with 0.2% growth nationwide. Construction bottomed out at a 13% contraction but is showing signs of improving with an increase in dwelling approvals.
Spending has increased for the 2nd quarter in a row, while car registrations remain well below 2008 levels.
Nelson and Gisborne are at the bottom of the table with shrinking employment and weak housing and construction sectors.
Gisborne’s principal industries, wine and horticulture, have suffered under the high New Zealand dollar, however retail sales are showing signs of stabilizing.
Nelson is showing a slight increase in retail spending, house prices have picked up by 0.6% and construction is 43% lower than in the same period of 2008.