Scoop Business

ASB/Main Report Regional Economic Scoreboard June Quarter

Thursday, 22 August 2013, 1:48 pm
Press Release: ASB Bank

ASB / Main Report Regional Economic Scoreboard
June 2013 Quarter

South Island regions have surged ahead in the latest Regional Economic Scoreboard with Nelson and Canterbury edging Auckland out of the top two spots.

Nelson leads the rankings, buoyed by strong growth in retail spending and a surge in residential construction as the region expands to accommodate with the influx of Cantabrians. Canterbury holds onto its second place in the latest rankings, boosted again by increasing construction. The earthquake rebuild has flowed through to an improvement in economic activity in the wider South Island, with the Tasman region also jumping to fourth place.

Meanwhile Auckland, after holding the top spot in 13 of the past 14 quarters, dips to third place. Housing shortages continue to push house price inflation in the region while overall constructional activity is still below levels experienced by the rest of the country.

The effects of the summer drought continue to be felt in some of the country’s key pastoral regions, including Southland and Hawke’s Bay. However, the recovery in global meat and dairy prices in recent months means the outlook should be more promising for the year ahead.

The ASB / Main Report Regional Economic Scoreboard takes the latest quarterly regional statistics and ranks the economic performance of New Zealand’s 16 regional economic areas. The full report is available here.

ENDS

Advertisement - scroll to continue reading

ASB Bank

Helping you get one step ahead.

In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today.

ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance.

ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want.

We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.