News: Indicator results show Eastern Bay employment on rise


23/03/2015

Latest figures show the Eastern Bay’s economy is continuing its positive direction.

The 2014 Eastern Bay Region annual key economic indicator results show a significant rise in total employment across the region for the year ending September 2014 - up 3.2 percent on 2013. Unemployment reduced to 10 percent, compared with 10.3 percent in 2013 and a peak of 11.3 percent in 2010.

There has also been a significant rise and gain in consented new commercial/industrial buildings and new motor vehicle registrations, and a slight overall population gain. All these things contribute to the region’s economy.

The economic update report has been released by Toi-EDA, the Eastern Bay’s economic development agency. Agency manager John Galbraith says the results are the most positive economic indicator results for the Eastern Bay in about seven years.

Economic indicators include statistics from the National Accounts, the gross domestic product (GDP), the consumers’ price index (CPI), the unemployment rate, balance of payments (BOP), overseas trade indexes, and statistics measuring imports and exports, overseas cargo, overseas debt, and the labour market.

“Most of the economic indicators we follow had positive movements across all three district economies too,” John says.

“In addition, the level of current and planned new projects and industry developments under way in the region will keep driving the economy forward in the medium term. However the impact of economic growth doesn’t fully translate to employment as our primary industries continue to lift productivity, requiring less people to produce the same or more output. Total employment in the combined primary production/processing/manufacturing sectors in the Eastern Bay (the direct wealth-creating production activities) has actually fallen by four percent (200 jobs) over the past five years, while its output has increased by more than 16 percent.” 

Toi-EDA is also looking forward to the publication of a Regional Growth Study commissioned by central government for the Bay of Plenty, due for release in May. This study will highlight the priority commercial opportunities in the region that have the most potential to sustainably grow incomes and jobs.