Christchurch and Canterbury economic growth remains stable, within the context of softening economic conditions nationally, according to ChristchurchNZ’s latest report on the Christchurch and Canterbury economies.
David Dyason Economic Advisor at ChristchurchNZ said Christchurch, just like the rest of New Zealand, is feeling the effects of an uncertain global environment.
“We’ve seen Canterbury guest nights peak at a slightly lower level than this time last year and locally, business confidence in the manufacturing and services industries is flat in the September 2019 quarter,” Dyason said.
The levelling out of some indicators was balanced by positive growth in others. GDP growth across the city and region increased by 1.5 percent and 1.9 percent respectively for Christchurch and Canterbury, up from the previous quarter.
Dyason said the economic growth, alongside a stable unemployment rate and continued wage growth, positions the city as an attractive and affordable place for those seeking job and housing opportunities.
David Dyason ChristchurchNZ Economic Advisor
Relative to other urban centres in New Zealand, Christchurch remains a very affordable city, with wage growth at 3.6 percent continuing to outpace both residential rent and prices.
“Relative to other urban centres in New Zealand, Christchurch remains a very affordable city, with wage growth at 3.6 percent continuing to outpace both residential rent and prices.
“This, alongside the city’s low traffic congestion, rebuilt infrastructure and quality of life provide a competitive advantage to attract and retain more business and talent,” he said.
The central city also showed signs of continued expansion. Retail spending growth was up 10.4 percent compared to the same quarter last year, as were guest nights with a 10.2 percent increase on the same period.
“Christchurch’s central city is developing into an attractive visitor proposition, the September quarter showed positive results and we expect to see these continue through the summer season as major events such as Bread & Circus World Buskers Festival and the SummerTimes festival attract visitors and locals alike,” said Dyason.