ASB rates Gisborne economy at ‘glass-half-full’ for the quarter

Gisborne has plenty to look forward to in 2017.

Gisborne has plenty to look forward to in 2017.

GISBORNE’S economy is cooking with gas, with a leading bank rating the region’s “simmering” economy as one of the best in New Zealand.

The latest ASB/Main Report Regional Economic Scoreboard has Gisborne rising three places at the end of the year’s third quarter, making it the nation’s seventh (equal) best performing region.

“It’s glass-half-full for Gisborne this quarter,” ASB chief economist Nick Tuffley said. “In terms of its ranking, Gisborne completes the three-way tie for seventh, climbing three spots from 10th last quarter.

One of the features of this latest boom is that the regions are starting to cash in, too.

“That is most definitely the case in the wider region, where guest nights recorded 19 percent growth over the year, to sit top of the rankings.

“Also the housing market is robust, with Gisborne house sales also topping the rankings.

“However, for Gisborne to grab another star, we’d like to see that activity translate into more construction. Either way, Gisborne has plenty to look forward to in 2017.”

For the three-month period ended September 30, Gisborne recorded the nation’s biggest increase in new car sales, which rose 27 percent for the quarter, while house prices rose 14 percent over the same period.

GISBORNE’S economy is cooking with gas, with a leading bank rating the region’s “simmering” economy as one of the best in New Zealand.

The latest ASB/Main Report Regional Economic Scoreboard has Gisborne rising three places at the end of the year’s third quarter, making it the nation’s seventh (equal) best performing region.

“It’s glass-half-full for Gisborne this quarter,” ASB chief economist Nick Tuffley said. “In terms of its ranking, Gisborne completes the three-way tie for seventh, climbing three spots from 10th last quarter.

One of the features of this latest boom is that the regions are starting to cash in, too.

“That is most definitely the case in the wider region, where guest nights recorded 19 percent growth over the year, to sit top of the rankings.

“Also the housing market is robust, with Gisborne house sales also topping the rankings.

“However, for Gisborne to grab another star, we’d like to see that activity translate into more construction. Either way, Gisborne has plenty to look forward to in 2017.”

For the three-month period ended September 30, Gisborne recorded the nation’s biggest increase in new car sales, which rose 27 percent for the quarter, while house prices rose 14 percent over the same period.

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