The recently released Quarterly Economic Monitor – June 2018 completed by Priority One announces some very interesting results.
• GDP growth was 3.9% vs NZ 2.7%. Tauranga’s economy has been growing above the national average for 20 consecutive quarters, with the upturn broad based across all indicators of spending and investment.
• The commercial construction industry is experiencing unprecedented growth, with non-residential consents 98% higher vs NZ 10%, however, residential consents dropped by 15%. Which could mean existing property will have less new builds to compete against in the near future.
• And even though the housing market quietened, it still showed some growth in sales at 0.5%.
• Spending indicators were strong, indicating households are confident in their employment and financial position. Retail trade activity increased 5.0% vs NZ 4.4%.
• Unemployment remains very low at 4.1% vs NZ 4.5%.
• Both domestic car and commercial vehicle registrations increased over the year, climbing 3.9% and 4.1% respectively.
• Traffic flows into and around the city increased 3.9% over the year.
Overall the city is strong and now is a great time to talk to anyone of our exceptional EVES people to take advantage of the pre spring and spring market opportunities.
EVES. Exceptional Every Day.