News: Growth across the board in Eastern Bay
Recent figures collected by the eastern Bay of Plenty’s economic development agency, Toi EDA, show excellent growth across a wide range of economic indicators. Most impressively, these figures indicate that the economic growth is benefiting everyone with unemployment down and incomes up.
Toi EDA trustee, John Galbraith, said that it was great to see figures that focused on the eastern Bay of Plenty.
“Often the eastern Bay results are merged into a wider ‘Bay of Plenty’ figure in economic commentaries and bank updates. We have different drivers for growth and commissioning these figures allows us to measure how successfully we are exploiting our own strengths - which includes contributing into the service sectors of our neighbourssuch as our exports via the Port of Tauranga,” Mr Galbraith said.
The figures show combined eastern Bay nominal GDP growth at 3.7% (comparable regional growth is 4.3%). Mr Galbraith explained that the growth rate was impressive, but the details painted an even better picture.
“When you drill down further into these figures, you get a very healthy picture for the economy in the eastern Bay. The two key ‘wealth generation’ sectors are primary production and manufacturing – these are the powerhouse of our economy and in spite of the downturn in dairy and the high dollar, they are both sitting at 3.6% growth. This reflects a thriving kiwifruit industry, which along with manufacturing, wood processing and manukaare all picking up the slowdown in dairy farm incomes.
“More importantly for the person in the street, this growth is being reflected through all the results – we have growth in retail spend, motor vehicle registrations, visitor nights and visitor spend, house sales and house prices. Significantly, we are also seeing income growth up around 3% and unemployment down almost 15%.
“It is unusual to see all of these figures trending positively at the same time. These figures are incredibly useful and illustrate that the east is growing in the right direction. These are the best results we have seen in a decade –at least as long as Toi EDA has been keeping records of eastern Bay specific growth,” Mr Galbraith said.
Summary table of economic indicator changes in the eastern BOP for year ending June 2016 is available below.