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Selwyn economy growing at a steady rate

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Selwyn’s economy continued to strengthen during the latter part of 2017.

The latest quarterly economic monitor from analysts Infometrics showed Gross Domestic Product (GDP) growth in the district of 3.9 percent in the December 2017 year. This is up from 2.2 percent six months earlier and well above the national average of 2.8 percent.

Consumers are adding their weight to the growth of the economy. Marketview data on electronic card transactions shows retail spending in Selwyn grew by 13 percent in the December 2017 year, with the national average at 4.3 percent.

Tourism is also supporting the consumer-driven growth. Visitor expenditure grew by 14 percent in the December 2017 year, more than double the national average increase of 6.4 percent. Total tourism expenditure was about $102m in Selwyn during the year to December 2017, up from $89m a year ago.

In the labour market, sectors such as accommodation and food services had 90 new filled jobs in the March 2017 year. Wholesale trade had 49 filled jobs, and dairy product manufacturing had 42. Unemployment has remained relatively static at 2.3 percent, compared with 2.2 last quarter. Selwyn’s unemployment rate remains well below the regional average and is less than half the national average.

For the December 2017 year as a whole, the number of residential building consents in Selwyn was very similar to 2016. However in the final three months of last year there were 217 consents granted in the December 2017 quarter, compared with 290 in the same quarter last year. Infometrics’ data indicates that on an annual basis, the number of consents in Selwyn decreased by 0.3 percent compared with the same 12-month period a year ago.

Selwyn District Council’s statistics show that consent application numbers dropped slightly in September 2017 (by about 20 applications per month) which is not uncommon in an election year. While the volume has dipped slightly, the Council currently has a number of significant commercial applications being processed. March and May are historically the biggest months of the year for applications being received, which is expected to contribute to continued strong levels.

Mayor Sam Broughton says it’s encouraging to see the district’s economy maturing and growing at a steady rate across different sectors and markets. “Our strength of business in Selwyn continues along its positive trajectory with consumer spending trending upward, along with an increase in visitors to the district and more local jobs being created,” he says.

For more information on quarterly economic monitor go to the Infometrics website.

Last Changed: 20 Mar 2018

 

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