September Quarter Statistics

FOR IMMEDIATE RELEASE 25 NOVEMBER 2009

September Quarter Statistics – How Do They Affect Your Business?

The latest ASB/Main Report Regional Economic Scoreboard is out,
and it’s a tale of two provinces, Auckland and Canterbury. Both
get three stars out of five.

Here is the executive summary:

Despite recent criticism of the Auckland economy from BERL, the
latest data shows the province surged ahead in the September
quarter, with house prices up, retail spending regaining lost
ground and construction activity holding its own. Even new car
registrations have picked up.

Canterbury, the other three star performer in the September
quarter, continued to show retail spending comfortably ahead of
the national average, with house prices rising in line with the
national average, and a great South Island ski season boosting
tourist numbers.

A host of provinces were on two stars, including Northland, where
employment is on the way up, Waikato, where the increased
Fonterra payout announcement was a shot in the arm, Bay of Plenty
with recovering retail sales, Hawke’s Bay had a boost to guest
nights, Taranaki’s oil and dairy industries helped it through,
Manawatu Wanganui has had a retail spending boost as well, while
Wellington, despite fiscal tightening, is holding on.

Into the South Island and Tasman and Marlborough both copped a
two star ranking while the West Coast has slid from three to two
stars as house prices slip. Otago also benefited from the great
Aussie ski invasion to get two stars, while Southland got the
Ranfurly Shield and a boost to consumer confidence.

The losers in the September quarter were one star regions Nelson
and Gisborne. Gisborne has been hit hard by a fall off in the
housing market after an above average burst prior to the
recession, while Nelson has suffered from a steep decline in
non-residential construction.

The driver of the economy in the past three months has
unfortunately been housing, which is not what the Govt or the
Reserve Bank wants to hear.

For the full details on the nation’s economic performance in the
past three months, open the attached PDF version of the latest
ASB/Main Report Regional Economic Scoreboard.

ends

© Scoop Media