Chamber encouraged by numbers but more can be done
The Infometrics Quarterly Economic Update, released by the Wellington City Council last week, shows that Wellington’s
economic growth is encouraging but more can be done.
“We welcome the relentless positivity on the city’s growth numbers,” says John Milford, Chief Executive of the
Wellington Chamber of Commerce.
“As the report notes, the Chamber’s own business confidence survey shows that businesses remain optimistic about their
outlook.
“However, we have got to sort out the current challenges that are constraining even greater growth for the city and
region. This is what is vital for a growing city.
According to Infometrics’ provisional estimate, the city’s economic growth increased by 2.5 per cent in the year to
June, up from 2.2 per cent in the year to March. However, this was lower than New Zealand’s total growth of 2.8 per cent
and lower than the wider Wellington region’s total growth of 2.6 per cent.
“We applaud the council on the 42 per cent increase in the number of new residential consents in the past year, ensuring
a total of 263 for the June quarter alone. Increasing supply is vital. Non-residential consents value also continues to
grow. And the city and region’s traffic flows are up.
“But that brings us back to the Chamber’s central concern – the need for the right infrastructure to support this growth
and ensure we continue to expand.
“The Let’s Get Welly Moving report, due in November, can’t come soon enough. The finish date for Transmission Gully
can’t come soon enough. Further investment to improve our PT and reduce congestion can’t come soon enough. A solution
for the region’s entire transport network can’t come soon enough. Ensuring resilience of the city and region’s water,
electricity and communications can’t come soon enough. And on-the-go projects such as the Convention Centre, Site 9, and
Shelly Bay, all can’t come soon enough.”
TABLE - SOURCE: Infometrics Quarterly Economic Monitor Report, Wellington City, June 2017
ENDS