South Island regions have surged ahead in the latest Regional Economic Scoreboard with Nelson and Canterbury edging Auckland out of the top two spots. —
Nelson leads the rankings, buoyed by strong growth in retail spending and a surge in residential construction as the region expands to accommodate with the influx of Cantabrians. Canterbury holds onto its second place in the latest rankings, boosted again by increasing construction. The earthquake rebuild has flowed through to an improvement in economic activity in the wider South Island, with the Tasman region also jumping to fourth place.
Meanwhile Auckland, after holding the top spot in 13 of the past 14 quarters, dips to third place. Housing shortages continue to push house price inflation in the region while overall constructional activity is still below levels experienced by the rest of the country.
The effects of the summer drought continue to be felt in some of the country’s key pastoral regions, including Southland and Hawke’s Bay. However, the recovery in global meat and dairy prices in recent months means the outlook should be more promising for the year ahead.
The ASB / Main Report Regional Economic Scoreboard takes the latest quarterly regional statistics and ranks the economic performance of New Zealand’s 16 regional economic areas. The full report is attached and available online.
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