Coromandel's economy outperforms New Zealand's

The Coromandel has seen strong economic growth over the last year. Our District's Gross Domestic Product (GDP) grew by 4.0% in the year to June, outstripping national economic growth of 3.1%.

The latest Infometrics Quarterly Economic Monitor says that growth was broad-based across most economic sectors, despite the downturns in international dairy and forestry prices that have hit other regions.

The Infometrics report is available on our website at www.tcdc.govt.nz/economicdata

Infometrics is an independent company that provides economic analysis and forecasts.

Tourism grew at a healthy pace, helped by low petrol prices and the weaker New Zealand dollar. Guest nights were up 4% and traffic flow was up 5.8%.

Residential construction also did well, boosted by low interest rates and the Auckland influx, as people there cash in on the hot real estate market to seek the ultimate lifestyle on the Coromandel.

Seafood, meat and fruit exporters are receiving favourable world prices.

Unemployment in the Coromandel was lower than both the Waikato and national rates, at 4.5% compared to 5.8% for Waikato and 5.7% nationwide.

"This report bears out the confidence in the Coromandel we are seeing at Council, with strong demand for LIMs, consents, new dwellings and lots of investment inquiries," says our Deputy Chief Executive Ben Day.

"Our economic development strategy is focussing on facilitating economic growth by creating an environment that makes it easy for the private sector to invest here and create jobs," he says.

"We have several anchor projects that will provide the infrastructure that businesses need to prosper; for example, we're upgrading the Kopu business precinct, we're working with the central government to boost broadband speeds around the District and we will upgrade Coromandel Harbour, which will help aquaculture, tourism and the recreational fishing sectors."

"It's all part of our Council's vision of making the Coromandel the most desirable place in the country to live, work and visit," Mr Day says.

What we're doing

We are working hard to attract new businesses to the Coromandel and to retain existing ones and help them grow in order to keep the economic base diverse and growing, especially in the off-peak seasons when visitor numbers are down.

We have a dedicated "Business Broker" who is available to help business and development projects get what they need from Council to move their plans forward.

We also have a wealth of economic data and research on our website to help investors build business cases.

Operation Kopu is our project to co-ordinate Council investment in the industrial subdivision to make it competitive with business parks outside the Coromandel.

We're actively pursuing Government funding to improve broadband speeds across the Coromandel.

And, we're proposing upgrades to parts of Coromandel Harbour's facilities to prepare for higher visitor numbers and increased usage of wharf and boat ramp facilities by both recreational and commercial users.

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