Canterbury outpaces Auckland growth in March year
BUSINESSDESK: Canterbury has outpaced Auckland to gain the top spot in year-on-year growth, as the city's rebuild kicks into action, the National Bank's regional trends survey for the March quarter reveals.
Growth was stronger across all 10 of New Zealand's 14 regions, led by Canterbury, up 2.8%, followed by a 2.7% rise in Auckland.
Overall, the survey showed a nationwide economic activity lift of 1.6% year on year to March 31. That's up 50% on the year-on-year growth rate to December 31.
"Canterbury continues to recover from last year's devastating earthquakes," said Steven Edwards, economics division at National Bank of New Zealand.
"Four solid quarterly increases in economic activity have propelled Canterbury to the top of the year-on-year economic growth rankings."
Canterbury experienced at 4.7% increase in employment in the March quarter, while the number of residential building consents rose 34%, according to data from Statistics New Zealand.
The ANZ's regional job advertisements series for the region hit a record high, up 24% in the December quarter.
Growth was greatest in the South Island, increasing 2.1%, compared to 1.5% in the North.
Wellington was the worst performer, recording a 0.2% in year-on-year growth. Employment there fell 0.7% in the March quarter.
ANZ's composite measure of internet and newspaper job advertising also fell to a historic low in February.
Nationwide economic growth increased 0.7 percent in the March quarter against the December quarter.