Gisborne ranks ‘sixth best’ regional economy

Retail sales up, job growth strong, housing market 'perky'.

Retail sales up, job growth strong, housing market 'perky'.

Gisborne ranks as the sixth-best economically-performing region (of 16) in the country on the latest ASB regional economic scorecard.

ASB describes Gisborne’s ranking for the quarter ending March as “respectable” and it follows the district’s fourth ranking in the previous quarterly scoreboard.

Gisborne was also given a four-star “simmering” ranking.

“We still see strong indicators in this quarter’s results,’’ said the scoreboard report.

“In particular, the region’s retailers had a boomer quarter, with Gisborne leading the way nationally in terms of annual retail sales growth (up 7.9 percent).

“Importantly, jobs growth was strong over the quarter.

“The housing market is also quite perky (house prices up 11.6 percent over the year).

“Construction activity is light in the region (down 20 percent over the year) while household confidence is on the low side of the national average.

“But for us, we prefer to focus on the positives and hence Gisborne keeps its four-star rating.

“Northland owned the summer of 2018, outperforming the rest of the country and nudging Tasman from top spot last quarter.”

The province received a 5-star “steaming” rating across all the measures, from employment, construction, retail trade, to house prices and new car sales.

Tasman ranked second due to housing and a strong horticulture sector, while Bay of Plenty jumped from 9th to 3rd due to “holidaymakers moving in and bringing their cash with them”.

Manawatu-Whanganui and Taranaki were ranked at 15 and 16, with ASB attributing their poor ranking to drought.

“The Taranaki region was one of the worst-hit by drought over summer and with this in mind, it’s not that surprising consumer confidence was the weakest in the country over the quarter.”

ASB said it might get worse for Taranaki.

“The Government’s decision in April to cease issuing permits for offshore oil exploration will begin to filter through into the scoreboard’s indicators from next quarter.”

There are better hopes for Manawatu-Whanganui.

“The region is expected to recover and climb back up the scoreboard on the back of otherwise healthy agricultural incomes.

“It’s worth remembering the Government’s first free year of tertiary study policy, which would potentially see Palmerston North swell with students all keen to spend.”

Gisborne ranks as the sixth-best economically-performing region (of 16) in the country on the latest ASB regional economic scorecard.

ASB describes Gisborne’s ranking for the quarter ending March as “respectable” and it follows the district’s fourth ranking in the previous quarterly scoreboard.

Gisborne was also given a four-star “simmering” ranking.

“We still see strong indicators in this quarter’s results,’’ said the scoreboard report.

“In particular, the region’s retailers had a boomer quarter, with Gisborne leading the way nationally in terms of annual retail sales growth (up 7.9 percent).

“Importantly, jobs growth was strong over the quarter.

“The housing market is also quite perky (house prices up 11.6 percent over the year).

“Construction activity is light in the region (down 20 percent over the year) while household confidence is on the low side of the national average.

“But for us, we prefer to focus on the positives and hence Gisborne keeps its four-star rating.

“Northland owned the summer of 2018, outperforming the rest of the country and nudging Tasman from top spot last quarter.”

The province received a 5-star “steaming” rating across all the measures, from employment, construction, retail trade, to house prices and new car sales.

Tasman ranked second due to housing and a strong horticulture sector, while Bay of Plenty jumped from 9th to 3rd due to “holidaymakers moving in and bringing their cash with them”.

Manawatu-Whanganui and Taranaki were ranked at 15 and 16, with ASB attributing their poor ranking to drought.

“The Taranaki region was one of the worst-hit by drought over summer and with this in mind, it’s not that surprising consumer confidence was the weakest in the country over the quarter.”

ASB said it might get worse for Taranaki.

“The Government’s decision in April to cease issuing permits for offshore oil exploration will begin to filter through into the scoreboard’s indicators from next quarter.”

There are better hopes for Manawatu-Whanganui.

“The region is expected to recover and climb back up the scoreboard on the back of otherwise healthy agricultural incomes.

“It’s worth remembering the Government’s first free year of tertiary study policy, which would potentially see Palmerston North swell with students all keen to spend.”

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