Regional round-up – Hawke’s Bay
Things are very positive in the Hawke’s Bay currently, with ASB senior rural economist Nathan Penny saying the region has been on “a solid economic run”.
The bank awarded a five-star status to Hawke’s Bay over the September quarter thanks to 6.5 percent job growth over the quarter, along with strong retail sales, shown by a 6.4 percent rise in electronic card spending. Both of these metrics are higher than the national average.
The region’s GDP grew 3.1 percent to $6.31 billion for the year to September 2018, which Business Hawke’s Bay chief executive Carolyn Neville attributes to strong pip fruit performance and good pricing for meat and the wine industry. She says tourism spending is also up.
"There is an undeniable feeling that Hawke's Bay is doing well, and on some measures better than New Zealand as a whole, and this data supports that," says Carolyn.
With this kind of economic strength, it could be a good time for businesses in Hawke’s Bay to look at upgrading or expanding their equipment and facilities. Talk to Nick Boult or another of our local business partners. They can assist with finance solutions in Hawke’s Bay and the surrounding areas.