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ASB / Main Report Regional Economic Scoreboard

Thursday, 28 May 2015, 12:38 pm
Press Release: ASB Bank

ASB / Main Report Regional Economic Scoreboard

Auckland has leap-frogged Canterbury into the top spot for economic growth in the latest ASB/Main Report Regional Economic Scoreboard – a position it last held in September 2013.

The move, up from second place in the previous quarter, has occurred as unrelenting house price pressure continues to be stronger in Auckland than elsewhere, while high migration and jobs growth combine to boost retail spending.

Although Canterbury has dropped back to number two in the rankings, the region still remains near the top of the pack across all measures tracked in the scoreboard, and retains the highest regional consumer confidence score.

The ASB/Main Report Regional Economic Scoreboard takes the latest quarterly regional economic statistics and ranks the performance of New Zealand’s 16 regional council areas. The fastest-growing regions gain the highest ratings and a good performance by the national economy raises ratings across the board. Ratings are based on measures such as employment, construction, retail trade and house prices.

Findings this quarter also include:

• The housing market is hot over the quarter, with strong migration and low mortgage rates helping lift prices, particularly in Auckland.
• Jobs growth has been strong across most of the country over the last three months.
• Retail spending has also been buoyant, with consumer confidence high and petrol prices low over the quarter.
• The Cricket World Cup and strong tourism boosted host cities and tourist spots, particularly Waikato and Nelson, over the quarter.

The full report is attached and available online at www.asb.co.nz

ENDS

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