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Released Date

Wednesday 25 November 2020

Published by

Infometrics

Economic Development Update 

Despite the economic challenges presented over the last two quarters, Horowhenua’s economy is showing clear signs of bounce back with Infometrics provisional estimates showing a 1.5% increase in GDP compared with the same quarter in 2019. Although, GDP has declined slightly by 1.1% over the previous year compared with a -3.3% national downturn. 

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Source: Infometrics Horowhenua District Quarterly Economic Monitor 2020-09

Local spending has increased by 6.3% compared to a national decline of 2.7%, which may be attributed to more Horowhenua locals Working From Home (WFH) and less commuting to the capital. 

The effects of the COVID-19 pandemic continue to have an impact on the local employment market - although not as much as the national average - with a 14% increase in Job Seeker Support recipients in Horowhenua compared to a national growth of 27%.

Contrary to post-lockdown predictions, Horowhenua’s housing market continues to be red-hot. Horowhenua has seen housing demand skyrocket with the average house price increasing by 17% over the past twelve months and jumping almost $12,000 since last quarter to $432,850.  

Residential Building Consents have also dropped below 50 for the first-time since 2017, compared to a quarterly average of around 70 over the last three years. Although Residential Consents have decreased, the Non-Residential Consents are still performing well with $20m issued to September 2020.

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