What's New In New Zealand

 3 December 2017

     Key industries drive growth

  • The regionís economic activity remains strong as we head towards Christmas. New vehicle registrations are still high, average house prices have continued to rise and consented new building activity has seen an overall 11 percent increase in value.

    Statistics NZ information indicates the regionís total population has been growing quietly, with increasing net international migration gains over the past three years ending September (176 for the year ended September 2017 versus 114 to September 2016 and 45 for the year to September 2015).

    House sales in Gisborne City for the September 2017 year were down 8 percent on the previous year, however Quotable Value NZ information indicates that the median selling price was up 16 percent to $272,000, with the average house price in the region increasing 28 percent since the beginning of 2016.

    • New motor vehicle registrations remain high, with total registrations for the September 2017 quarter up 14 percent on the September 2016 quarter figure and 4 percent higher than the June 2017 quarter.

    • Visitor arrivals into the region staying in commercial accommodation were up 7.2 percent for the September 2017 year (latest results available) compared to the previous September 2016 year, while commercial visitor night-stays were up 9.7 percent

    • Total visitor spend in the Gisborne region during the year ended September 2017 increased 4.4 percent on the previous September year

    • Total Port of Gisborne international export-import tonnages rose approximately 4 percent over the latest September 2017 year. The total fob (free on board) value of exports rose 14 percent in current dollar terms.

    Overall, to the year ended June 2017 (latest available monitoring period), the Gisborne economy grew by 3 percent, compared to the national growth figure of 2.7 percent.

    Consented new building activity saw a:

    • 13 percent increase in the total number of new dwellings consented and a 13 percent increase in their combined value

    • 29 percent fall in the volume of new commercial buildings consented but a quadrupling in their combined value

    • 21 percent fall in new farm buildings consented but a 57 percent increase in their combined value

    • 67 percent fall in the volume of new industrial buildings consented and an 81 percent decline in their combined value

    • An almost doubling in the volume of all new community building work consented and a 160 percent increase in the total value of this work.

    Overall, a busy year for the region as growth in our key industries drives wider economic activity.

    Discussions are under way with the new Government regarding its regional economic development fund. Its aim is to re-focus our economy on productive and export-led sectors to create wealth.

    The opportunity is there to invest in growing a higher-wage economy than present, building on our local strengths and comparative advantages. This requires work on the ground with business development, building capability in our productive sectors, using smart specialisation, innovation, and targeted R&D and capital investment to grow internationally competitive businesses.

 

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