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Strong Outlook for Manawatū Region Economic Growth
Media Release
11 September 2013
Strong Outlook for Manawatū Region Economic Growth
The latest Manawatū Economic Outlook report highlights a strong outlook for economic growth in the Manawatū region, particularly over the next 12 to 24 months.
A range of factors are contributing to the strong outlook for the region. There has been strong growth in the value of building consents issued in the region, a significant increase in the Fonterra farm-gate pay out price for milk and confirmation that jobs will be transferred to Palmerston North by New Zealand Post and AgResearch.
Rodney Wong, Acting Chief Executive of Vision Manawatū, noted the region was experiencing strong growth in economic activity in logistics and research, two of the priority sectors the organisation was targeting.
“A further boost to economic activity is expected when US-based company Proliant begins building its $24 million bovine blood plasma processing facility on the edge of Feilding. Around 30 staff are expected to be employed in the facility when it is completed,” Mr Wong said.
GDP growth in the Manawatū region improved to 2.7% in the year to June, despite a weakening in growth in the June quarter. The weaker growth in the June quarter reflects the short-term impact of the drought earlier in the year. Dairy cows were dried off earlier, reducing milk production in the June quarter, while more livestock was slaughtered in the March quarter, reducing volumes in the June quarter.
Chief Executive of Destination Manawatū, Lance Bickford welcomed new tourism spending data showing the region is experiencing strong growth in domestic and international visitor spending.
The new data published by the Ministry of Business, Innovation and Employment shows domestic visitor spending in Manawatū District rose by 12% in the three months to July (compared with the same period last year) while Palmerston North increased by 8%. Nationally domestic visitor spending declined by 1%.
The Manawatū Region Economic Outlook report is produced by Palmerston North City Council and a copy of the full report can be found at pncc.govt.nz
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