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Good news for Wellington’s economy

Good news for Wellington’s economy

Wellington’s economy is flourishing – with figures for the middle of the year showing strong performance across a range of sectors including retail, house sales and accommodation.

The latest quarterly economic monitor by Infometrics, commissioned by Wellington City Council, shows economic growth in the quarter ending June, shows economic performance and confidence in the city and region is strong, says Councillor Jo Coughlan, Chair of the City Council’s Economic Growth Committee.

And Mayor Celia Wade-Brown says the report shows Wellington City is on track and in line with economic growth forecasts applied to the Council’s 10-year Long Term Plan.

“There have been positive indicators that Wellington is on the move and the latest figures showing a lift in annual GDP from 1.7 per cent to 2.6 per cent confirm this view.

“Key indicators including non-residential consents, house sales and prices, guest nights, car registrations, and a 3.5 per cent lift in the retail trade are all positive and provide a foundation for our future growth,” she says.

“It is very welcome news and provides further confidence in our future.”

Cr Coughlan adds: “Wellington has a diverse and resilient economy. We have a world-class public sector and our IT and creative industries continue to be strong. We continue to be very strong in terms of guest nights, with record numbers, thanks to ongoing great promotional work by Positively Wellington Tourism and the local hospitality and hotel sectors."

Cr Coughlan says a big programme of events this year – including the Cricket World Cup and the Anzac centenary commemorations - have provided a major boost to the accommodation and hospitality sectors.

Highlights:

• Economic growth in Wellington increased by 2.6% over the June year compared to 1.7% over the year to March. Economic growth is broad-based across most indicators.

• Guest-nights were strong - up 7.3% over the June year and well above the 5.3% growth seen nationally.

• Retail sales in Wellington City were up 3.5% when compared to 1.7% for the March 2015 quarter.

• Spending on larger-ticket items including cars and commercial vehicles has continued to grow.

• House sales continue to increase and climbed 11% over the June year - up from 3.0% in the March quarter.

David Perks, Chief Executive of Positively Wellington Tourism, says guest nights were up more than 8.5% in the April-June quarter compared with the year before, while guest arrivals increased 15%.

“At the top of the last quarter the It’s never just a weekend when it’s in Wellingtonwas in market both nationally and in Australia, putting the capital front-of-mind for short break travel across autumn and the start of winter. This was particularly productive in line with the launch of Jetstar’s new route from Melbourne at the end of March.

“A collective effort also saw hugely successful launch campaigns for Gallipoli: the scale of our war and The Great War Exhibition, while the FIFA U-20 World Cup and the performance of the Hurricanes in the Super Rugby playoffs were also a boost.”

The economic monitor report is available on the Council’s website – here:

https://ecoprofile.infometrics.co.nz/wellington%20City/QuarterlyEconomicMonitor/Overview

Cr Coughlan says the Infometrics monitor helps local residents, businesses, the City Council and other stakeholders in the city better understand and visualise the economic performance of the city and trends over time.

“Access to reliable and meaningful information about Wellington can be critical for businesses and community groups, as well as councilors,” says Mayor Celia Wade-Brown. “Decisions about managing our assets and allocating our resources to meet the demands of a changing population can be made with greater confidence knowing the information we are using is up to the minute.”

The Infometrics Ltd. quarterly economic monitor lets users keep track of the economic performance of their city by immediately identifying which indicators are performing well relative to the region and New Zealand.

The monitoring report includes estimates of GDP (Gross Domestic Product), guest nights in hotels, retail sales, house prices and sales, unemployment and population. It also provides an economic commentary of the performance of the city.

The updated Profile of Wellington page on the Council website also has easy access to the council’s community profile and population forecasts, providing a comprehensive, online, socio-demographic profile of Wellington City and its suburbs now and into the future.

ENDS


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