Auckland is buoyant again
The Auckland economy grew and unemployment fell in the year to June despite facing head winds, according to Auckland Council figures.
The council’s chief economist Geoff Cooper says the economy grew by 2.9 per cent and unemployment stood at 6.7 per cent in the June quarter, down from 7.3 per cent a year earlier.
‘‘Employment growth continues to broaden with both construction and manufacturing sectors now seeing a lift.
‘‘But despite moving in the right direction employment growth remains sluggish and low numbers of job vacancy listings suggest more of the same in the months to come.’’
Consumer confidence dipped, but Aucklanders remain among the most optimistic in the country.
‘‘Uncertainty about the impact of loan-to-value ratios by the Reserve Bank, a soft jobs market and the impact of slow trading partner growth could all have weighed on confidence,’’ Mr Cooper says.
He says Auckland housing shortage could have been ‘‘ much worse’’ were it not for the significant slowdown in population growth.
‘‘Statistics New Zealand has not yet estimated the final population count but the pace of growth halved between 2001 and 2006 and 2006 and 2013, from 2.4 per cent to 1.2 per cent.’’
But Auckland still accounted for more than half of all New Zealand’s population growth.