Selwyn’s economic boom continues
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Last modified: 01 Sep 2022 12:46pm
Selwyn’s economy continues to be one of the strongest performers in the country according to new economic figures.
The latest quarterly figures from economic analysts Infometrics show the district’s economy grew by 6.2% to the year to June 2022 compared to national growth of 0.9%. In the three months to June 2022 Selwyn had the second fastest growing economy in the country, with GPD up 6.9%.
Employment continued to grow strongly, with a 7.7% increase in Selwyn residents employed compared to the previous year –
more than double the national average of 3.2%, while Selwyn’s unemployment rate was at 2.2% compared to 3.3% nationally.
Consumer spending increased by 13.3% compared with 2.8% growth across Canterbury, underpinned, Infometrics says, by the district’s strong population growth. This was also shown in the ongoing building boom, with the Council’s consents team consenting over 1,100 new houses in the first half of this year.
House prices continued to rise, with the Infometrics figures showing house values up almost 30% from June last year,
compared to a 9% growth nationally.
The popularity of Selwyn as a place to visit was also underlined, with the amount spent by tourists in Selwyn grew 10.7% over the year to June 2022 compared to the previous year, as domestic tourism continued its bounce back from the pandemic lockdowns.