Press Release – ASB Bank
Auckland continues its run at the top of the table in the latest ASB/Main Report Regional Economic Scoreboard, with Canterbury’s increased economic activity moving it into second place.
In Auckland, limited housing supply and a growing population are continuing to put upward pressure on house prices. Broader economic activity in New Zealand’s largest city stepped up a gear as well; after dipping in Q3, both retail sales and employment rebounded strongly in the fourth quarter.
Rebuilding work in Canterbury continues to accelerate, bringing broader benefits to the region’s economy. Retail sales and employment increased steadily over the second half of 2012 and consumer confidence in the region is now the highest in the country. Holding Canterbury back from taking the top spot are the decline in population experienced since the earthquakes and slow growth in house sales.
Gisborne and Hawke’s Bay’s stronger regional employment have pushed both regions on an upward trajectory from the bottom of the rankings to the top half. Rising house sales and low interest rates could also provide further momentum to the regions’ currently weak house price growth.
The ASB / Main Report Regional Economic Scoreboard takes the latest quarterly regional statistics and ranks the economic performance of New Zealand’s 16 regional economic areas.
Click here: ScoreboardQ42012.pdf