Timbo
19th February 2005, 06:23 AM
This may give food for thought for those who are researching different regions in NZ;
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Boom time on the West Coast
19 February 2005
By JAMES WEIR
The West Coast is on the go and probably the fastest-growing region in New Zealand for the December quarter, a survey shows.
ASB Bank's quarterly report on the regions shows most are doing well, with another kick in the housing market in the December quarter, a strong job market and a generally buoyant mood.
"The region doing best in a growth sense is the West Coast," ASB Bank chief economist Anthony Byett said. It earned itself a five-star rating as the place to be.
Wellington rates four stars, along with Canterbury, Hawke's Bay, Gisborne and Manawatu/Wanganui.
In Canterbury, job numbers grew a "whopping" 7.4 per cent and the jobs were still coming fast in the December quarter, pushing unemployment down to just 3.1 per cent.
Wellington's retail sales were up almost 10 per cent in the past year, ahead of the New Zealand average of 7 per cent.
However, the West Coast topped the bill with a massive 22 per cent jump in retail sales in the past year, closely followed by Marlborough, according to the ASB Bank survey.
Construction increased more than 50 per cent on the West Coast to $23 million. Dairy farm production is growing on the West Coast, with a $38 million expansion of the Hokitika dairy factory under way. Tourism is strong and mines are expanding.
Gold miner Oceana Gold is redeveloping the Globe Progress open pit and former Blackwater mine shaft near Reefton on the West Coast, with first gold expected early next year.
Construction of the Pike River coalmine is also expected this year.
The West Coast has the lowest unemployment rate at just 2.3 per cent.
State owned coal company Solid Energy chief executive Don Elder said recently there were skill shortages in the mining industry at just about every level. The availability of local miners was "at an all-time low".
House prices were up more than 30 per cent in the past year. "House prices under $100,000 are becoming a thing of the past," Mr Byett said.
But the West Coast remains the smallest region by population, with just 31,000 people and numbers actually fell slightly in the past year.
At the other of the scale, Auckland rated four stars, with big roading projects under way and expected to keep going for the next 10 years.
However, house building consents were down 23 per cent in the December quarter for the region, excluding Auckland city.
"The housing boom has clearly peaked in terms of sales turnover and new building," Mr Byett said. Prices were still rising in most suburbs, but central prices fell almost 2 per cent in the past year, while the supply of new apartments coming on to the market was still strong.
Nationally, the labour market is hot, with unemployment down to just 3.6 per cent, with hours worked up more than 2 per cent in the December quarter alone.
"Where to find more workers and hours?" Mr Byett asks.
B U S I N E S S S T O R Y
RELATED LINKS
» Have your say
» Subscribe to Archivestuff
Boom time on the West Coast
19 February 2005
By JAMES WEIR
The West Coast is on the go and probably the fastest-growing region in New Zealand for the December quarter, a survey shows.
ASB Bank's quarterly report on the regions shows most are doing well, with another kick in the housing market in the December quarter, a strong job market and a generally buoyant mood.
"The region doing best in a growth sense is the West Coast," ASB Bank chief economist Anthony Byett said. It earned itself a five-star rating as the place to be.
Wellington rates four stars, along with Canterbury, Hawke's Bay, Gisborne and Manawatu/Wanganui.
In Canterbury, job numbers grew a "whopping" 7.4 per cent and the jobs were still coming fast in the December quarter, pushing unemployment down to just 3.1 per cent.
Wellington's retail sales were up almost 10 per cent in the past year, ahead of the New Zealand average of 7 per cent.
However, the West Coast topped the bill with a massive 22 per cent jump in retail sales in the past year, closely followed by Marlborough, according to the ASB Bank survey.
Construction increased more than 50 per cent on the West Coast to $23 million. Dairy farm production is growing on the West Coast, with a $38 million expansion of the Hokitika dairy factory under way. Tourism is strong and mines are expanding.
Gold miner Oceana Gold is redeveloping the Globe Progress open pit and former Blackwater mine shaft near Reefton on the West Coast, with first gold expected early next year.
Construction of the Pike River coalmine is also expected this year.
The West Coast has the lowest unemployment rate at just 2.3 per cent.
State owned coal company Solid Energy chief executive Don Elder said recently there were skill shortages in the mining industry at just about every level. The availability of local miners was "at an all-time low".
House prices were up more than 30 per cent in the past year. "House prices under $100,000 are becoming a thing of the past," Mr Byett said.
But the West Coast remains the smallest region by population, with just 31,000 people and numbers actually fell slightly in the past year.
At the other of the scale, Auckland rated four stars, with big roading projects under way and expected to keep going for the next 10 years.
However, house building consents were down 23 per cent in the December quarter for the region, excluding Auckland city.
"The housing boom has clearly peaked in terms of sales turnover and new building," Mr Byett said. Prices were still rising in most suburbs, but central prices fell almost 2 per cent in the past year, while the supply of new apartments coming on to the market was still strong.
Nationally, the labour market is hot, with unemployment down to just 3.6 per cent, with hours worked up more than 2 per cent in the December quarter alone.
"Where to find more workers and hours?" Mr Byett asks.