Auckland boom outstrips rest of nation
Auckland i s significantly outperforming the rest of New Zealand economically, according to the latest update from Auckland Council.
The huge gap between the biggest city and the rest of the country i s clearly illustrated by the new data.
A series of eight graphs and charts, compiled by council analyst Ross Wilson and senior economist Harshal Chitale, showed how well Auckland is performing on every economic indicator. Real gross domestic product growth is running at 3.2 per cent for Auckland, compared to just 2.3 per cent for the rest of the country.
Auckland’s annual employment growth is running at 8.7 per cent and its unemployment rate is 5.3 per cent.
Auckland continues to be a magnet to migrants with most arrivals coming to Auckland; 32,768 people migrated in the September year, compared to 37,186 migrants arriving nationally.
Auckland’s share of tourism guest nights remains strong: of the 30 million guest nights in the year to August, Auckland got 7.3m, the data showed. Auckland’s share of tourism guest nights has climbed sharply.
Auckland median house prices were pegged at $ 825,000 in September, well ahead of the rest of New Zealand based on Real Estate Institute figures.
Auckland retail sales growth also outstrips the rest of New Zealand, up 8.3 per cent, compared to only 2.4 per cent for the rest of New Zealand. To read the full report go to nzherald. co. nz/ business