22 May 2012

Palmerston North region on a roll

The Palmerston North region has recorded the highest rate of growth for five out of the last six months, reflecting strong economic growth in the region.

The region regained its top position for growth in the value of electronic transactions in April. There was a 4.1% increase in the value of transactions in the Palmerston North region compared with a 0.3% decline for New Zealand.

Spending is also being boosted by strong growth in commercial construction in Palmerston North. Consents for $77 million were issued in the 12 months to March, an increase of 83% from the previous year.

Palmerston North City mayor Jono Naylor welcomed the news saying he’s noticed the economic situation improving in Palmerston North in recent months.

“The number of defence personnel based in the city has increased and there has been a strong production season for farmers. These are important factors contributing to our strong economic growth,” Mayor Jono Naylor said.

April Paymark retail spending data for Palmerston North shows that international card spending (debit and credit) is growing strongly ahead of national growth.

Spending on international cards increased by 27% in April and was well ahead of the 4% decline in international card spending throughout New Zealand. March quarter international visitor nights in private homes were 12% higher than a year ago (national comparison not available).

The strong growth in spending on international cards is also reflected in strong growth in international visitor nights in commercial accommodation in the region. Total international visitor nights have increased by 17% in the 12 months to March 2012, a marked contrast to a 4% decline in international visitor nights in New Zealand.

ENDS

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