Northland slips down scoreboard
Northland did not enjoy a classic 2018, despite making an extremely strong start, according to the latest ASB Regional Economic Scoreboard.
In Q1 Northland was top of the scoreboard, in Q2 it had slipped to eighth, and in Q3 was hovering near the bottom in 13th equal spot with Bay of Plenty, ahead of only Auckland and Canterbury.
“Northland’s slip down the scoreboard has been swift,” ASB chief economist Nick Tuffley said.
“The housing market has run out of steam in the North, with annual growth (or decline in Northland’s case) the weakest in the country. Similarly, falling building consents indicate softness in the construction sector ahead.”
There were some bright spots though, with horticulture, forestry and tourism holding strong and the prospect of a lift in economic activity as summer got into full swing.
Employment in the region rose 1 per cent over the previous year (13th, national average 2.8 per cent), retail sales rose 4 per cent (sixth equal, 3.5 per cent), house prices rose 8.3 per cent (fourth, 4.5 per cent), construction fell 15 per cent (11th, down 5 per cent), and new car sales fell 6 per cent (11th, down 5 per cent).