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Wellington City economy healthy - quarterly report

Contributor:
Fuseworks Media
Fuseworks Media

Wellington City’s economy is in good heart - with a significant increase in commercial building activity in the March quarter a highlight, according to Mayor Celia Wade-Brown.

She was referring to today’s release, by Infometrics, of the Quarterly Economic Monitor report for March 2016 (attached).

Key changes from the last quarterly report included an increase in non-residential consents of 40% compared with 8.2% for the year to December 2015.

Mayor Wade-Brown says this big jump in non-residential consents bodes well for the city.

"Tourism activity also continues to increase and the growth in net migration coupled with buoyant consumer confidence, has contributed to a lift in retail trade," she says.

Other highlights included

- Annual GDP grew by 1.9% over the March 2016 year.

- The unemployment rate has increased from 5.1% last quarter to 5.4% this quarter.

- International net migration increased by 2239 persons in the quarter. This compares to a gain of 2061 persons in the year to December 2015.

- Retail trade increased by 3.4% over the quarter. This compares favourably with a 2.8% increase in New Zealand over the same period.

Councillor Jo Coughlan, Wellington City Council’s Economic Growth Committee Chair, says increasing tourism activity is extremely evident in the 5.2% lift in guest nights over the year to March 2016 and high levels of hotel occupancy. Domestic passenger numbers over the past year through Wellington Airport have risen 4.7%, while international passenger movements have climbed 16% over the same period.

Cr Coughlan added that the 40% increase in non-residential building consents is extremely pleasing to see. "There are obviously more tower cranes around the CBD compared to a year ago - so the increase in confidence in the city and region is now clearly translating into investment."

Non-residential building consents to the value of $379 million were issued in Wellington City during the year to March.

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