Gisborne economy in relatively good shape

NEWS just in that cruise ship visits contributed $3 million in value-add to the local economy last year builds on “a positive feeling” surrounding regional economic activity, says Activate Tairawhiti chief executive Steve Breen.

This is reflected in the trends in key economic indicators over the past 12 months, he says.

“Statistics NZ information indicates the region’s total population has been growing steadily since 2002 at an annual average growth rate of 0.4 percent. Over the year ended June 2016, the area’s population increased by 400 or 0.8 percent, with a further net international migration gain of 197 for the year ended June 2017.

“House sales in Gisborne City for the June 2017 year were up 5 percent on the previous year, with the median house selling price up 5.6 percent to $262,500. Quotable Value NZ information indicates average house selling prices began to rise in the Gisborne District during the first quarter of 2015 and more steadily-so from the last quarter of that year; since then, average house prices in the district have increased by 22 percent.”

Total retail sales increased in real inflation-adjusted terms by an estimated 5.5 percent, to $694 million, in the year ending March 2017.

New motor vehicle registrations rose by 2.6 percent. Total registrations for the June 2017 quarter were up 19 percent on the June 2016 quarter.

“Total visitor spend in the Gisborne region during the year ended June 2017 increased 7.2 percent on the previous June year,” said Mr Breen.

“Visitor arrivals into the region staying in commercial accommodation were up 6.4 percent for the May 2017 year compared to the May 2016 year, while commercial visitor night-stays were up 16.2 percent. The average length of stay rose from 2.32 nights to 2.52 nights.”

International export-import tonnages for Eastland Port rose about 8 percent last year. The total value of exports from the port rose 18 percent in current dollar terms.

“Overall, to the year ended March 2017 (latest available monitoring period), the Gisborne economy grew by 3 percent.”

This was the same as the national growth figure of 3 percent.

“Total nominal (current dollar terms) GDP for the Gisborne area is estimated at an annual $1.8 billion; this figure represents approximately 0.7 percent of national GDP.”

Mr Breen added that Statistics NZ’s Household Labour Force Survey results included an annualised employment gain of 955 people, up 3.4 percent, to 29,055, while the annualised rate of unemployment stood at an estimated 6.5 percent of the labour force in June 2017, compared to 5 percent nationally.

“The median level of earnings for continuing jobs in the Gisborne region was recorded at $44,340 for the 12 months ending March 2016, compared with the national figure of $51,160. Labour productivity levels, as measured by the real GDP/employee indicator, have increased overall by about 7.5 percent over the past decade.

“The overall economic standard of living in the region, as measured by the real GDP/population indicator, has increased overall by some 8.6 percent during the same period — however, there is no room for complacency as we still have some way to go before we reach the national level. In 2016, Statistics NZ figures indicated that nominal Gisborne GDP per person (or the average economic standard of living) stood at $36,955 compared to $54,178 nationally.”

NEWS just in that cruise ship visits contributed $3 million in value-add to the local economy last year builds on “a positive feeling” surrounding regional economic activity, says Activate Tairawhiti chief executive Steve Breen.

This is reflected in the trends in key economic indicators over the past 12 months, he says.

“Statistics NZ information indicates the region’s total population has been growing steadily since 2002 at an annual average growth rate of 0.4 percent. Over the year ended June 2016, the area’s population increased by 400 or 0.8 percent, with a further net international migration gain of 197 for the year ended June 2017.

“House sales in Gisborne City for the June 2017 year were up 5 percent on the previous year, with the median house selling price up 5.6 percent to $262,500. Quotable Value NZ information indicates average house selling prices began to rise in the Gisborne District during the first quarter of 2015 and more steadily-so from the last quarter of that year; since then, average house prices in the district have increased by 22 percent.”

Total retail sales increased in real inflation-adjusted terms by an estimated 5.5 percent, to $694 million, in the year ending March 2017.

New motor vehicle registrations rose by 2.6 percent. Total registrations for the June 2017 quarter were up 19 percent on the June 2016 quarter.

“Total visitor spend in the Gisborne region during the year ended June 2017 increased 7.2 percent on the previous June year,” said Mr Breen.

“Visitor arrivals into the region staying in commercial accommodation were up 6.4 percent for the May 2017 year compared to the May 2016 year, while commercial visitor night-stays were up 16.2 percent. The average length of stay rose from 2.32 nights to 2.52 nights.”

International export-import tonnages for Eastland Port rose about 8 percent last year. The total value of exports from the port rose 18 percent in current dollar terms.

“Overall, to the year ended March 2017 (latest available monitoring period), the Gisborne economy grew by 3 percent.”

This was the same as the national growth figure of 3 percent.

“Total nominal (current dollar terms) GDP for the Gisborne area is estimated at an annual $1.8 billion; this figure represents approximately 0.7 percent of national GDP.”

Mr Breen added that Statistics NZ’s Household Labour Force Survey results included an annualised employment gain of 955 people, up 3.4 percent, to 29,055, while the annualised rate of unemployment stood at an estimated 6.5 percent of the labour force in June 2017, compared to 5 percent nationally.

“The median level of earnings for continuing jobs in the Gisborne region was recorded at $44,340 for the 12 months ending March 2016, compared with the national figure of $51,160. Labour productivity levels, as measured by the real GDP/employee indicator, have increased overall by about 7.5 percent over the past decade.

“The overall economic standard of living in the region, as measured by the real GDP/population indicator, has increased overall by some 8.6 percent during the same period — however, there is no room for complacency as we still have some way to go before we reach the national level. In 2016, Statistics NZ figures indicated that nominal Gisborne GDP per person (or the average economic standard of living) stood at $36,955 compared to $54,178 nationally.”

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