Sustained activity in the residential construction sector has seen Hamilton again out-perform the New Zealand average in key indicators, according to the latest Infometrics Quarterly Economic Monitor.
The results point to a continuing trend of investment in the city, underpinned by Hamilton’s geographic and economic advantages, says Jen Baird, Hamilton City Council City Growth General Manager.
“While there’s indications of a softening national economy, growth in Hamilton has continued at pace. People want to live, play, work and do business here. Our proximity to other key centres and relative housing affordability make Hamilton an attractive place for families, investors and businesses.
“We’re continuing to support growth in the south of the city, partnering with the Government to deliver strategic infrastructure for the new neighbourhood of Peacocke. In the next few years we’ll be building the roads, cycleways, water services and a new bridge over the Waikato River to enable homes for around 20,000 future Hamiltonians.”
The Infometrics report shows a total of 503 new residential building consents were issued in Hamilton in the September 2019 quarter, compared with 421 in the same quarter last year. On an annual basis the number of consents in Hamilton increased by 30.4% compared with the same 12-month period a year ago, substantially ahead of the New Zealand average of 12% over the same period.
The number of consents for the quarter is double the city’s 10-year average of 252, and the city’s wider construction sector was further boosted by non-residential consents valued at $260M in the year to September 2019.
House sales in Hamilton were also very strong in the year to September 2019, with a total of 3219 houses sold, an increase of 3.1% compared with the previous year and well ahead of the national average, where sales decreased by 0.7%.
The activity supported continued growth in the city’s Gross Domestic Product (GDP), which for more than two years has increased higher than the national average and stands at a provisional $8.288B.