Economic Development Update
According to the recent Infometrics provisional estimates, Horowhenua’s economy has recovered well with a 3.2% GDP growth in the year to September 2021. The September 2021 quarter showed that the region’s GDP took a hit due to the Delta Level 4 lockdown, with a 2.3% decrease compared to the September 2020 Quarter.
Source: Infometrics Horowhenua District Quarterly Economic Monitor September 2021
Horowhenua has seen a slight decline in consumer spending in the year leading up to September 2021 compared with the same period in 2020. That said, it is important to remember that spend in the district was significantly higher than the national average in the months following the original Level 4 lockdown in 2020.
Regional migration has been strong over the year to June 2021 with a rise of 1.7%, nearly 3 times the national average of 0.6%.
Horowhenua’s growing population has directly contributed to a healthy level of employment in the district. There has been a 2.3% increase of residents in employment over the year to September 2021, significantly above the national rate of 0.6%. The largest rise in these numbers being due to the strong activity in the Construction sector. With jobseeker support numbers dropping in recent quarters, it’s no a surprise that Horowhenua’s unemployment rate has reached the lowest level since 2001 of 3.4%.
This quarter has seen another increase to average house values, which is sitting at $632,000, a 42% increase on the same quarter in 2020. This has led to a rise in numbers of residential consents this quarter to 113 - more than double the 10-year average. Non-residential consents have seen a recent decline but is still faring above the 10-year average line.
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