The Waimakariri economy is resilient, the report says

According to a recent report by Infometrics, the Waimakariri District’s economy remains strong despite the economic climate.

The Waimakariri District Quarterly Economic Monitor for June 2023 commissioned by the Waimakariri District Council was released last week.

Waimakariri’s GDP increased by 4.3 per cent over last year, compared to 3.1 per cent of New Zealand’s GDP.

Enterprise North Canterbury business support manager Miles Dalton says overall, Waimakariri continues to punch above its weight compared to the rest of New Zealand.

Even areas that seem weak on the surface, such as car registrations (down 7.1 percent) and residential building approvals (down 16.5 percent), aren’t doing badly. „They are in a much stronger position than they were a year ago,” he says.

In addition to increased GDP, the latest figures show consumer spending, tourism spending, guest nights and employment all rose, with non-residential building approvals topping the list, up 90.2 percent from last year.

„There’s a lot of large-scale commercial development going on in the district, which is very exciting, so there’s a huge increase in non-residential building approvals,” Mr Dalton says.

Conversely, compared to the rest of New Zealand, house sales, house values ​​and commercial vehicle registrations were all down on last year. One item of note is next year’s $7 scheduled dairy allowance, he says.

„This is very painful for many of our farmers, so we will wait to see how it affects the wider economy.

Read the full Waimakariri District Economic Watch enterprisenorthcanterbury.co.nz