Auck­land is buoy­ant again

Auckland City Harbour News - - NEWS -

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.

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