Cantebury plains with snowy mountains in the background

Waikirikiri Selwyn remains one of the fastest growing economies in the country, new economic figures show.

Latest figures from economic analysts Infometrics show Selwyn's economy grew by 3.5% GDP over the year to September 2023, making it the third fastest growing territorial authority.

This growth was supported by robust employment and consumer spending.

A 5.9% growth in employment of Selwyn residents over the year to September underlines the growing diversity of the Selwyn economy with growth in every industry except agriculture.

This employment surge is underpinned by strong population growth, estimated at 5.2% for the year to June 2023. Consumer spending in Selwyn has seen an impressive increase, with a 12.4% growth over the year to September 2023. This growth accelerated to 15% in the September 2023 quarter, highlighting the district's robust economic health. This trend not only points to economic prosperity, but also signifies a high level of consumer confidence within the district.

While house values in Selwyn experienced a moderate decline, sales were up by 9.1% over the year to September 2023, compared to the 13.7% fall nationally during the same period.

The figures suggest a slow down in new house building, with the 291 new dwellings consented in the September quarter the lowest quarter since 2019. The continued growth in the economy highlights how the district's economy is becoming more diversified and less reliant on construction.

Mayor Sam Broughton expressed optimism about Selwyn's economic trajectory, "Our community's resilience and adaptability are evident in these figures. We remain committed to fostering a vibrant economy that not only grows but does so sustainably, creating opportunities for our residents and businesses alike and supports strengthening our community."

Last modified: 05 Dec 2023 4:08pm