It has remained at the top spot for the fourth successive quarter
ASB has released its latest regional economic scoreboard for Q1 2020, with Gisborne remaining at the top spot for the fourth successive quarter.
The latest ASB Regional Economic Scoreboard revealed that house price growth in Gisborne ranked first in the nationwide ranks over the quarter, and retail trade and new car registrations grew in the region more than the rest of New Zealand.
However, Gisborne is still significantly exposed to the impacts of the COVID-19 crisis.
“The forestry sector was initially hit hard hit by the disruptions caused by coronavirus, and the meat sector has been impacted too. China's ongoing recovery from its COVID-19 disruption will help to drive a similar recovery in fortunes for these key sectors as well,” said Nick Tuffley, the chief economist at ASB.
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Meanwhile, Taranaki climbed the ladder from mid-pack to second place – reflecting excellent house price growth, retail sales growth, and construction work over the past year.
“Consumer confidence has taken a knock this year but is still holding up better than average, and the unemployment rate was lower than elsewhere as we went into lockdown. That all bodes well for the future as the economy emerges from the COVID-19 crisis,” Tuffley said.
Hawke's Bay ranked third in the latest regional economic scoreboard, reflecting a solid number of residential and non-residential consents and retail sales activity.
“Confidence in Hawke's Bay and Gisborne has been interesting – in early 2019, it was lower than nationwide, but in more recent surveys, it has bounced back, which is encouraging for the region,” Tuffley said.
