Regional economy on a high

Gisborne’s economy moves up three places to fourth on nationwide ranking.

Gisborne’s economy moves up three places to fourth on nationwide ranking.

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GISBORNE’S regional economy is outstripping neighbouring Hawke’s Bay in growth, as the economy here hits a 10-year high, a new report shows.

The latest ASB/Main Regional Economic Scorecard shows that at the end of last year Gisborne’s economy moved up three places to fourth on a nationwide ranking, overtaking both Hawke’s Bay (6th) and Otago (7th).

The scorecard measures a series of regional indicators including employment, construction, retail trade and house prices. The latest report said Gisborne was now ranked at it highest point since 2007.

“It hasn’t been this good for a long time in Gisborne,” the report said.

“The region (wider Hawke’s Bay and Gisborne) tops the country in terms of new car sales and guest nights growth.

“In particular, it’s encouraging to see the nationwide tourism boom extend to the regions such as Gisborne.

“For now, though, we hold off adding another star as we would like to see some of the economic activity spill over into higher house price growth and construction activity.”

The report revealed the 20 percent year on year rise in new car sales here in December was the highest in New Zealand, while house prices rose 14 percent and Gisborne’s share of the nation’s economy overall grew by 0.7 percent. The 30 percent rise in construction value here was also in the top five nationwide.

Population grew 1.1 percent to 48,000 but the value of retail sales fell by 3 percent.

Activate Tairawhiti chief executive Steve Breen said the regional economy’s performance was the best in 10 years.

“It’s great that we’re showing such a strong performance.

“We have more improvement to come, with the new approach to tourism development to look forward to and Activate Tairawhiti’s wider business and industry support, led by our efforts to support the horticultural sector and improve employment outcomes, with a dedicated horticultural workforce co-ordinator.”

GISBORNE’S regional economy is outstripping neighbouring Hawke’s Bay in growth, as the economy here hits a 10-year high, a new report shows.

The latest ASB/Main Regional Economic Scorecard shows that at the end of last year Gisborne’s economy moved up three places to fourth on a nationwide ranking, overtaking both Hawke’s Bay (6th) and Otago (7th).

The scorecard measures a series of regional indicators including employment, construction, retail trade and house prices. The latest report said Gisborne was now ranked at it highest point since 2007.

“It hasn’t been this good for a long time in Gisborne,” the report said.

“The region (wider Hawke’s Bay and Gisborne) tops the country in terms of new car sales and guest nights growth.

“In particular, it’s encouraging to see the nationwide tourism boom extend to the regions such as Gisborne.

“For now, though, we hold off adding another star as we would like to see some of the economic activity spill over into higher house price growth and construction activity.”

The report revealed the 20 percent year on year rise in new car sales here in December was the highest in New Zealand, while house prices rose 14 percent and Gisborne’s share of the nation’s economy overall grew by 0.7 percent. The 30 percent rise in construction value here was also in the top five nationwide.

Population grew 1.1 percent to 48,000 but the value of retail sales fell by 3 percent.

Activate Tairawhiti chief executive Steve Breen said the regional economy’s performance was the best in 10 years.

“It’s great that we’re showing such a strong performance.

“We have more improvement to come, with the new approach to tourism development to look forward to and Activate Tairawhiti’s wider business and industry support, led by our efforts to support the horticultural sector and improve employment outcomes, with a dedicated horticultural workforce co-ordinator.”

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