While not specifically included on the scorecard, good primary product prices are behind the enhanced economic activity of the smaller regions like Gisborne, Taranaki and Northland.
Six of the top 10 positions were filled by outlying regions of the country, having improved their rankings in the June quarter when compared with the March quarter.
Gisborne region was in first place, up two places, Northland was third, having jumped a massive 10 places, Taranaki was fourth, up five, while Hawke’s Bay and Southland were fifth-equal.
Among the urban regions Wellington was second, Auckland 10th-equal and Canterbury 13th.
The ASB Regional Economic Scorecard is based on measures such as employment, construction, retail trade, housing permits, property prices and new car sales.
Gisborne topped the nation for house sales and house price growth, with 13.2% for the year ended June 30, and led the way with growth in retail sales of 8.7%.
“Gisborne, like Northland, has been on an excellent run with its diverse mix of export industries. The one storm cloud on the horizon is the recent weakening of log prices,” ASB economists commented.
Northland topped the country in guest nights and new car sales, underpinned by what ASB said are well-performing forestry, horticulture and beef industries.
Taranaki looks good in employment growth, housing consents and milk prices.
ASB summed up the scorecard by saying annual residential consents were the highest numbers since the mid 1970s and non-residential consents values also hit a new record.
“Capacity constraints suggest construction activity is close to topping out with the large pipeline of work expected to prolong the boom,” ASB said.
