Tararua District Growth Continues

Continuing population growth, a strong farming sector and record spending by tourists, has seen Tararuaos economy growing well above the national average.

The latest Infometrics economic monitor for the September quarter for our District indicates greater consumer spending and an expanding tourism industry, boosting Tararuaos GDP (Gross Domestic Product) by 2.6 per cent, compared with growth of 2.3 per cent regionally and a national average of 2.4 per cent.

Spending by tourists in Tararua is up 8.6 per cent, compared to a national average of 3.1 per cent and guest nights in our District grew by 1.7 per cent in the quarter, which helped the sector deliver a record $52.7 million

But itos our strong primary sector returns which are flowing through into consumer spending in Tararua, with electronic card spending

on retail purchases, growing 8.5 per cent in the September quarter, five per cent up on the national average of 3.4 per cent. However, nationally consumer optimism is tempered by caution around the economic outlook.

Tararuaos traditional sheep and beef farming returns remain elevated, with the dairy sector improving significantly over the past month, with strong trade prices strengthening dairy-farmer pay-out expectations for the 209/20 season. Higher dairy prices have been driven by a tighter global milk supply. Our Districtos population has been growing slightly faster than previously estimated and with the release of the 2018 census figures Stats NZ has revised Tararuaos population up to 18,500 from 17,900.

By June this year Stats NZ estimated our districtos population had increased a further 0.8 per cent to reach 18,650. With this rise in population comes 16.3 per cent rise in the price of homes in the District, well up on the national average of 1.9 per cent.