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The Waimakariri District has settled into a ‘post-quake, post-rebuild’ rhythm, according to the latest Quarterly Economic Monitor from Infometrics.
The report, released on August 23, says that whilst most of the region’s indicators for the year to June are pointing towards a healthy level of economic growth, the growth is the slowest in the District since December 2009.
Annual economic growth in the Waimakariri District was 2.5% per annum in the June 2018 year, with softer growth than previous periods in retail activity, car sales and commercial vehicle sales.
Enterprise North Canterbury Business Support Manager Miles Dalton says that although slowing, growth is still positive.
“In short – we are still seeing a healthy level of economic growth, but it’s certainly not as fast as it has been. We appear to be settling into more of a post-quake rhythm now,” he said.
“Residential consents are still high, but not much higher than pre-quake while commercial consents are back down to pre-quake levels. That’s not to say things are looking grim – quite the opposite. We are still experiencing a good level of growth, just not the burst of activity we have been seeing over recent years.”
The report from Infometrics highlights a growth in traffic flow and international migration figures in the Waimakariri. House sales also increased in the District, up 1.2% on last year, compared to a nationwide decrease of 7.0%. Tourism spending and the number of guest nights also increased notably for the year to June, up 11.7% and 4.5% respectively; both higher than the national average.
The report notes a nationwide slowdown of household spending growth and softening business confidence, but points out that the completion of the Christchurch Northern Corridor in 16 months’ time is ‘a bright spot on the Waimakariri horizon’.